Cronos, the Canadian cannabis producer, was up almost 14% Monday after getting an endorsement from the “Mad Money” host Jim Cramer.
After Friday’s closing bell, Cramer said the company was the “second best” in the industry, behind Canopy Growth.
Back in December, the cigarette maker Altria invested 2.4 billion Canadian dollars, or $1.8 billion, in Cronos.
Watch Cronos trade live.
The Canadian cannabis producer Cronos was soaring Monday, up almost 14%, after getting an endorsement following Friday’s closing bell from the “Mad Money” host Jim Cramer.
“They’ve got a very important tie-up with Altria,” Cramer said during the “lightning round” part of his show. “We have been recommending, just so you know, that Canopy CGC is the best. But Cronos is second best and it’s been a fantastic stock. It has very good management, by the way.”
In December, the cigarette giant Altria invested 2.4 billion Canadian dollars, or $1.8 billion, in Cronos in an effort to diversify away from its cigarette business.
“Altria is the ideal partner for Cronos Group, providing the resources and expertise we need to meaningfully accelerate our strategic growth,” Cronos CEO Mike Gorenstein said in a press release at the time.
“The proceeds from Altria’s investment will enable us to more quickly expand our global infrastructure and distribution footprint, while also increasing investments in R&D and brands that resonate with our consumers.”
And last February, Cronos became the first company that grows and sells marijuana to be listed on a US exchange, paving the way for others in the industry.
Cronos has been red-hot in 2019, up more than 76% including Monday’s gain. It was trading near $18.25 a share.
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