Marlboro Taps Into Cannabis Market
Marlboro, one of the world’s biggest tobacco companies is diving into the cannabis market with a $2.4 billion deal. Marlboro maker, Altria Group Inc., is taking a 45 percent stake in Cronos Group, the Canadian medical and recreational marijuana provider announced.
Altria will pay another $1.4 billion for warrants that if exercised, would give Altria a 55 percent ownership stake in the Toronto company.
Altria’s large investment lit up shares of cannabis companies that have begun to set up shop in Canada. Shares of Cronos Group Inc. jumped 31 percent once the announcement went public on Friday.