ALTRIA- (US company that owns MARLBORO) enters the Cannabis business.
- By : Panama Now
- Category : Agriculture, Economy, Financials
One of the largest tobacco companies in the world has launched the cannabis market with an investment of $ 1.8 billion in Cronos Group , a Canadian medical and recreational marijuana company.
Altria , which makes Marlboro cigarettes, is acquiring a 45% stake in Cronos.
He added that the tobacco company will pay another 1.4 billion dollars for guarantees that, if exercised, would give Altria a 55% stake.
That would mean that Altria’s investment would be at the same level as the $ 4 billion spent earlier this year by Constellation Brands to acquire shares in Canopy Growth Corp , another Canadian marijuana producer.
The investment made in August by Constellation, which makes Corona and other beverages, was the largest to date by a major US corporation in the cannabis market.
Whatever the hesitation of large corporations in the United States with regard to entering the cannabis market, it seems to be disappearing if there is a financial justification. Altria’s huge investment has encouraged cannabis companies that have started to settle in Canada, where their recreational use was legalized this year.