Cronos Group Pulls Back Off Best Levels But Remains Sharply Higher

(RTTNews) - After gapping open sharply higher, shares of Cronos Group Inc. (CRON) have pulled back off their highs of the session but continue to see substantial strength in late-day trading on Friday. Cronos Group is currently up by 23.3 percent after reaching its best intraday level in well over two months.

The initial jump by Cronos Group came on news tobacco giant Altria Group, Inc. (MO) has agreed to make an approximately $1.8 billion equity investment in the cannabis producer.

Cronos Group said the shares issuable to Altria pursuant to the agreement will result in Altria holding an approximately 45 percent ownership interest in the company.