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Marlboro maker leaps into the cannabis trade with $2.4B

AP  |  New York 

One of the world's biggest tobacco companies is diving into the 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 company.

Cronos said Friday that the Richmond, Virginia, tobacco company will pay another $1.4 billion for warrants that if exercised, would give the a 55 percent majority ownership stake.

Cronos first announced that it was in talks with this week.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 07 2018. 18:55 IST