Joele Frank, Wilkinson Brimmer Katcher is handling Canadian cannabis company Cronos Group, which has received a $1.8B investment from Altria Group.
Mike Gorenstein, CEO of Cronos, said the alliance with the parent of cigarette maker Philip Morris will provide resources and expertise to accelerate growth.
Cronos will benefit from Altria’s experience in regulatory, government affairs, compliance, product development and brand management as new markets for cannabis open throughout the world, according to Gorenstein.
Howard Willard, CEO of Altria, said Cronos is his company’s “exclusive partner in the emerging global cannabis category and an exciting growth opportunity.”
Altria’s investment translates into a 45 percent stake in Toronto-based Cronos. The Marlboro marketer has warrants exercisable into an additional 10 percent Cronos position.
JFWBK’s Adam Pollack and Mahmoud Siddig represent Cronos.