You are here: Home » Reuters » News
Business Standard

Altria to marry pot with big tobacco in $1.8 billion Cronos deal


By Harry Brumpton and Uday Sampath Kumar(Reuters) - Marlboro cigarette maker Altria Group Inc announced a $1.8 billion investment in Cronos Group Inc on Friday, which could give it up to 55-percent ownership of the Canadian cannabis producer.The deal represents by far the biggest investment by a major tobacco conglomerate in a cannabis company. It comes after Canada legalized the recreational use of marijuana this year, and several other jurisdictions, including some states in the United States, follow suit.With the Cronos investment, Altria will get a new opportunity to boost revenue as ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Fri, December 07 2018. 23:06 IST