Canaccord analyst Matt Bottomley said Altria Group's (MO) agreement to make a C$2.4B strategic investment in Cronos Group (CRON) for a 45% stake equates to "a lofty 36.2 times" multiple of his 2020 EV/EBITDA valuation for the cannabis company. When taken in the context of Constellation Brands' (STZ) C$5B investment in Canopy Growth (CGC) back in August, Bottomley believes an investment of this magnitude "provides overall legitimacy to the industry as a whole" and should be a positive catalyst for the sector and drive valuations higher. He maintains a Hold rating and C$9.00 price target on Cronos shares.