Cronos Group (NASDAQ:CRON) has closed the C$2.4B investment from Alria Group (NYSE:MO), representing a 45% ownership stake that would increase to ~55% if Altria exercises its warrant over the next four years.
It also announces the following management changes:
Board membership has been increased to seven from five and will included four nominees by Altria: Kevin Crosthwaite, SVP, Chief Strategy and Growth Officer at Altria; Bronwen Evans, independent consultant and brand strategist; Murray Garnick, EVP and General Counsel at Altria and Bruce Gates, Founding Partner of Three Oaks Strategies, LLC.
Altria SVP of Corporate Strategy Jerry Barbato will join Cronos as Chief Financial Officer succeeding William Hilson who will transition to the newly created role of Chief Commercial Officer.
