NEW YORK (AP) — When Canada legalized recreational marijuana in October, it emerged as the world leader in the industry — and U.S. companies are scrambling to get in on the action. Uruguay may have been the first country to legalize pot, but the South American country's market is dwarfed by Canada's. And while a majority of U.S. states have legalized marijuana to varying degrees, contradictory federal laws have U.S. companies reluctant to invest here. So they are sending their money north.
NEW YORK (AP) — Stocks that moved substantially or traded heavily Friday:
Altria Group Inc., down 22 cents to $54.18
The maker of Marlboro cigarettes is taking a 45 percent stake in Cronos Group, a Canadian medical and recreational marijuana company.
Anadarko Petroleum Corp., up 47 cents to $52.06
Energy company stocks rose along with the price of crude oil after OPEC leaders agreed to cut production next year.
NEW YORK (AP) — One of the world's biggest tobacco companies is diving into the cannabis market with a $1.8 billion buy-in.
Marlboro maker Altria Group Inc. is taking a 45 percent stake in Cronos Group, the Canadian medical and recreational marijuana provider said Friday.
The agreement includes a warrant to acquire additional shares over the next four years that could give the Altria, which is based in Richmond, Virginia, a 55 percent ownership stake in the Toronto company.
The maker of Marlboro cigarettes is joining some of the biggest names in beer in exploring the budding cannabis marketplace.
Altria Group Inc., which owns Philip Morris USA, is the latest big company to show interest in marijuana. Late Monday, Canadian medical marijuana company Cronos Group Inc. confirmed talks with Altria about a possible investment.
NEW YORK (AP) — Stocks that moved substantially or traded heavily on Wednesday:
Altria Group Inc., up $3.96 to $63.43
Cigarette makers rose sharply after the Food and Drug Administration said it is looking at steps to combat "an epidemic" of e-cigarette use by teenagers.
Gilead Sciences Inc., up $1.74 to $73.97
The company and its partner Galapagos said a rheumatoid arthritis drug met its goals in a late-stage study.
RICHMOND, Va. (AP) — Altria Group Inc., one of the world's largest tobacco and cigarette makers, is giving its employees a $3,000 bonus with a fraction of its windfall from the federal corporate tax cut.
The Richmond Times-Dispatch reports the one-time payout to 7,900 non-executive employees totals about $24 million. Altria posted a $10.3 billion profit for 2017, almost half of it in the fourth quarter as the company adjusted deferred taxes to benefit from the lower rate.
Business events and economic reports scheduled for the coming month:
All times are Eastern.
THURSDAY, Feb. 1
WASHINGTON — Labor Department releases fourth-quarter productivity data, 8:30 a.m.; Institute for Supply Management releases its manufacturing index for January, 10 a.m.; Freddie Mac, the mortgage company, releases weekly mortgage rates, 10 a.m.; Commerce Department releases construction spending for December, 10 a.m.
DETROIT — Automakers release vehicle sales for January.
BRIDGEPORT, Conn. (AP) — A trial is set to begin in a lawsuit against Philip Morris in connection with the lung cancer death of a Connecticut woman who smoked the company's Marlboro cigarettes.
The trial over Vernon resident Jeanette Bifolck's death in 2000 is scheduled to begin Monday in federal court in Bridgeport. Bifolck's husband, Vincent Bifolck, filed a wrongful death lawsuit in 2006 against Philip Morris, a subsidiary of Richmond, Virginia-based Altria Group Inc.
RICHMOND, Va. (AP) — Major U.S. cigarette companies will soon begin publishing a series of blunt statements about the health risks of smoking as part of a court order stemming from a 1999 lawsuit brought by the federal government.
The court-ordered "corrective statements" will begin running late next month on television and in newspapers.
"Smoking kills, on average, 1,200 Americans every day," reads one of the statements. Another simply says: "Smoking is highly addictive."
NEW YORK (AP) — Altria Group Inc. relied on higher tobacco prices and a gain from its ABInBev/SABMiller investment to help drive profit in the second quarter, though results still fell short of expectations.
RICHMOND, Va. (AP) — Investment gains by Altria swelled profits during the fourth quarter, though the continuing decline of cigarette sales weighed on revenue and shares fell Wednesday.
Cigarette sales fell 1.9 percent to $5.45 billion as shipment volume of Altria's cornerstone brand, Marlboro, declined 4.8 percent. Overall cigarette shipments slumped 4.8 percent.
The Richmond, Virginia, company has cut spending to offset those declines.
BISMARCK, N.D. (AP) — Cigarette makers are helping fund an effort to snuff out a measure seeking to increase North Dakota's tobacco tax.
Campaign finance reports filed with the state show Marlboro-maker Altria Group Inc. and RJ Reynolds Tobacco Co. have contributed more than $860,000 to fight the tobacco tax increase that will appear on the Nov. 8 ballot.
RICHMOND, Va. (AP) — Altria's second-quarter profit beat analysts' estimates, helped by lower costs. The company also boosted its full-year adjusted earnings outlook.
Its shares edged higher in premarket trading.
The owner of cigarette maker Philip Morris USA earned $1.65 billion, or 84 cents per share, for the period ended June 30. A year earlier the Richmond, Virginia-based company earned $1.45 billion, or 74 cents per share.