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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
PUBLISHED DEC 8, 2018

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.

A marijuana user blows smoke after taking a hit from a bong during a 420 Day celebration on 'Hippie Hill' in Golden Gate Park on April 20, 2018, in San Francisco, California. (Getty Images)
A marijuana user blows smoke after taking a hit from a bong during a 420 Day celebration on 'Hippie Hill' in Golden Gate Park on April 20, 2018, in San Francisco, California. (Getty Images)
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