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Marlboro maker leaps into the cannabis, invests in Toronto marijuana producer

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Posted at 3:08 PM, Dec 07, 2018
and last updated 2018-12-07 15:08:14-05

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.

 

 

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