Marlboro makers invest staggering $3.8 billion in Canadian cannabis firm after nationwide legalization
Marlboro maker Altria Group said on Friday that it will pay $2.4 billion for a 45 percent stake in Canadian marijuana firm Cronos Group
The emerging cannabis industry has led one of the world's biggest tobacco companies in the world to invest $3.8 billion in the cannabis market.
Cronos Group, a Canadian medical and recreational marijuana provider, announced on Friday that Marlboro maker Altria Group Inc. is paying $2.4 billion for a 45 percent stake in the company. The tobacco giant is slated to pay another $1.4 billion for warrants, which would give them a 55 percent ownership stake in the Toronto company if exercised, Daily Mail reports.
