Tobacco Powerhouse Altria Officially Invests $1.8 Billion in Cannabis Company Cronos

Tobacco powerhouse Altria has invested $1.8 billion in Canadian cannabis company Cronos Group, the companies announced in a press release on Friday. Under the terms of the deal Altria, the parent company of the Marlboro cigarette brand, will acquire a 45 percent ownership stake in Cronos. Shares in Cronos Group shot up more than 30 percent and Altria rose 2 percent in early trading on Friday morning after news of the deal was made public.

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