Altria rises on report company buying stake in marijuana producer; other pot stocks climb

Altria rises on report company buying stake in marijuana producer; other pot stocks climb
Jason Alden | Bloomberg | Getty Images Marlboro cigarettes, produced by Altria Group Altria shares rallied Wednesday on a report that the Marlboro cigarette maker is in talks to buy a stake in Canadian marijuana company Aphria . Details of Altrias proposed investment are still being hashed out, multiple sources told Toronto-based Globe & Mail. The report also said that Altria hopes to start as a minority stakeholder in the Leamington, Ontario-based pot grower, but could become a majority shareholder over time. Altria shares are up 0.8 percent in afternoon trading Wednesday, while Aphrias stock gained 13 percent in Toronto. A spokesman for Altria said he would not comment on the rumors while Aphria did not immediately responded to CNBCs request for comment. Richmond, Virginia-based Altria produces and markets tobacco, cigars and wine. The 9 billion company owns Philip Morris USA, the maker of Marlboro cigarettes and has sizable stake in Anheuser-Busch, the worlds largest brewing company. The globes major alcohol companies have also wasted no time exploring joint ventures with a handful of lucky cannabis producers. Constellation Brands recently increased its investment in Canopy Growth with a 9.9 percent stake in the company , granting the Corona beer brewer a foothold in an industry it expects to soon be legal in the United States. We think that were by far the best company in the world or in the best position in the world of any company to capitalize on what is absolutely without a doubt going to be a huge market over the next 10 years, hundreds of billions of dollars, Constellation CEO Robert Sands said in the companys earnings call Thursday. Shares of Tilray , a marijuana producer, jumped 5.9 percent.

Altria rises on report company buying stake in marijuana producer; other pot stocks climb