Altria to claim $483 mln capital loss on cannabis business possession stake

Altria Team Inc.
MO,
-.39%
reported Monday it will continue on to evaluate potential customers of hashish corporation Cronos Group Inc.
CRON,
-4.56%
on no matter whether it will obtain supplemental common shares of Cronos or dispose of them in the open market, in privately negotiated transactions with Cronos or 3rd get-togethers. Altria expects to declare a funds decline of $483 million on its U.S federal consolidated profits tax return for 2022, relevant to its stake in Cronos Team. Altria proceeds to very own 156.57 million common shares of Cronos. The tobacco large stated it notified Cronos Team Inc. of its abandonment of its warrant to invest in further frequent shares of Cronos. In 2019, Altria obtained a 45% ownership fascination in Cronos and the warrant, which is exercisable till March 8 at an work out selling price of C$19 per common share. The closing share price of Cronos common shares on Friday was C$3.81. The inventory has not traded above C$6 about the past 12 months. “Supplied the Cronos trading ranges and the March 2023 expiry of the warrant, Altria elected to abandon the warrant,” Altria stated. Shares of Altria rose .2%. Cronos shares rose 1% in premarket trades.