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Altria bets big on cannabis with $1.8 billion investment in Canada's Cronos


By Uday Sampath Kumar(Reuters) - Marlboro cigarette maker Altria Group Inc made a big bet on the rapidly growing marijuana industry on Friday with a $1.8 billion investment in Canadian cannabis producer Cronos Group Inc.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.Corona beer maker Constellation Brands announced a $4 billion investment in Canadian cannabis producer Canopy Growth in August, the biggest investment so far in the ...

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First Published: Fri, December 07 2018. 20:24 IST