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Last Updated : Dec 07, 2018 08:05 PM IST | Source: PTI

Marlboro maker leaps into the cannabis trade with $2.4B

Altria, which makes Marlboro cigarettes, is taking a 45 percent stake in the Cronos Group.

One of the world's biggest tobacco companies is diving into the cannabis market with a $2.4 billion investment in Cronos Group, a Canadian medical and recreational marijuana company.

Altria, which makes Marlboro cigarettes, is taking a 45 percent stake in the Toronto company.

Cronos said that the Richmond, Virginia, tobacco company will pay another $1.4 billion for warrants that if exercised, would give the Altria a 55 percent majority ownership stake.

Cronos first announced that it was in talks with Altria this week.
First Published on Dec 7, 2018 07:51 pm
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