Cannabis company Cronos Group Inc. (CRON) was spiking Monday, Dec. 3, after Bloomberg and Reuters reported that the company was receiving takeover interest from cigarette-maker Altria Group Inc. (MO) .
Shares of Cronos Group were falling as much as 6% Monday, but by noon the stock was up more than 11.15% after multiple news outlets reported that Altria was in early talks to purchase the Canadian company as it looks to diversify its business.
The discussions are still in the infant stages and there is no deal in place, according to Reuters' sources, but the talks are expected to last for several weeks.
Altria Group shares were climbing 1.64% Monday.
Neither Altria Group nor Cronos Group responded to TheStreet's request for comment.