Tobacco powerhouse Altria in talks to acquire equity stake in Canadian cannabis grower Aphria, says The Globe and Mail

19:59 10 Oct 2018

Sources say Altria has expressed interest in a minority stake with the intention of eventually holding a majority of the company’s shares

Altria and Aphria's management reportedly met to discuss a deal on Monday

US tobacco giant Altria Group Inc (NYSE:MO) is in talks to acquire an equity stake in the Canadian cannabis grower Aphria Inc (OTCMKTS: APHQF), per a report in The Globe and Mail.

Details of the stake are still being finalized, according to The Globe and Mail, which reported that sources said Altria had expressed an interest in acquiring a minority stake with the intention of eventually holding a majority of the company’s shares.

Altria and Aphria's management have met on a number of occasions, with the most recent talks arranged on Monday, G&M said, citing sources.

Aphria shares are trading 14.5% higher at $15.35 while Altria shares are flat at $63.57 in Wednesday's afternoon trading session.