NEW YORK (AP) — 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.
(Copyright (c) 2018 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
