Altria-backed Cronos Group to acquire an 11% stake in PharmaCann for $110m.

Altria-backed Cronos Group, a diversified and vertically integrated cannabis company, agreed to acquire an 11% stake in PharmaCann, a provider of medical cannabis, for $110m. “Our US growth strategy focuses on delivering long term shareholder value by assembling a best-in-class brand and intellectual property portfolio and positioning to deploy our products in the US market through investments and opportunities with US leaders who share our vision and commitment to responsibly distributing disruptive cannabinoid products that improve people’s lives. We were attracted to PharmaCann as an investment because of their disciplined capital allocation, strong track-record and compelling licensed manufacturing and retail footprint," Kurt Schmidt, Cronos Group President and CEO.