Shares of Cronos Group Inc. shot up 14% in very active afternoon trade Monday, paring earlier gains of as much as 30%, after Reuters reported that Altria Group Inc. MO, -0.01% was in early talks to buy the Canada-based cannabis company.
Volume topped reached 33.4 million shares, compared with the full-day average of about 8.3 million shares. Reuters reported, citing people familiar with the matter, that Cronos has not agreed to any deal, and there is no certainty that it will agree to one.
The talks between Cronos and Altria are expected to last for several weeks, Reuters reported. “We do not comment on market rumors,” Cronos said in an emailed statement to MarketWatch.