US
Altria Group, Inc. announced the completion of its approximately US$1.8 billion investment in Cronos Group Inc., a leading global cannabinoid company, following receipt of shareholder and Canadian regulatory approvals.
Altria’s investment represents an approximate 45% economic and voting interest in Cronos Group with a warrant to acquire additional ownership at a price of CA$19.00 per share, exercisable over the next four years. If exercised in full today, the warrant would increase Altria’s ownership in Cronos Group to approximately 55%. The aggregate exercise price for the warrant is approximately US$1.0 billion.
Under the terms of the transaction, Altria nominated four directors who were recently elected to serve on Cronos’ seven-member board.