New York (CNN Business)The
company that makes Marlboro cigarettes may be looking for a new vice.
Altria could find that the red-hot cannabis industry is a much-needed
supplement to its stagnant tobacco business.
Canadian cannabis company Cronos Group surged Monday after Reuters reported Altria may want to buy the company. The stock was up nearly 30% at one point before it was briefly halted for trading midday Monday. Shares were still up 12% when trading resumed.
Cronos confirmed in a statement that it was discussing a potential investment by Altria, but Cronos said the two companies had not yet reached an agreement. Altria was not immediately available for comment.
Cronos, Aphria and other cannabis stocks have been thrust into the spotlight in the past few months following the legalization of recreational marijuana in Canada in October, as well as legalized recreational and medical pot in several US states last month.
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