Development News Edition
Give Feedback

Marlboro maker rolls into the cannabis trade with stake in Canadian Cronos


Devdiscourse News Desk newyork Last Updated at 07-12-2018 19:24:10 IST Canada, India, United States
Marlboro maker rolls into the cannabis trade with stake in Canadian Cronos
  • Image for representation purpose only

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 Friday 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.

(With inputs from agencies.)


add banner

LEAVE COMMENT