Altria Bets Big On Cannabis With $1.8 Billion Investment In Canada’s Cronos

According to Reuters, Marlboro cigarette maker Altria Group made a big bet on the rapidly growing marijuana industry on Friday, with a $1.8 billion investment in Canadian cannabis producer Cronos Group. The deal gives Altria an up to 55 percent stake in Cronos and is the latest in a string of investments from consumer companies hoping to benefit from Canada’s move to legalize marijuana for recreational use. With the Cronos deal, Altria will get a new opportunity to boost revenue as cigarette smoking continues to decline in the United States.

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