Tobacco Giant and Marlboro Maker, Altria, Investing $2.4B to Buy 45% of Cronos Canadian Cannabis Producer

Article by City News

Altria investing $2.4B in Canadian cannabis producer Cronos BY THE CANADIAN PRESS Marijuana plants are shown at a cultivation facility in Olds, Alta., on Oct. 10, 2018. THE CANADIAN PRESS/Jeff McIntosh Tobacco Giant and Marlboro Maker, Altria, Investing $2.4B to Buy 45% of Cronos Canadian Cannabis Producer

Canadian cannabis producer Cronos Group says it will receive a $2.4 billion equity investment from Altria Group, one of the biggest tobacco companies in the world.

The maker of Marlboro cigarettes would acquire a 45 per cent ownership stake in Cronos under the initial investment.

Altria can also invest up to a further $1.4 billion to increase its ownership stake in Cronos to 55 per cent, under the arrangement.

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