Marlboro buys into marijuana producer

National News

December 7, 2018 - 7:54 PM

NEW YORK (AP) — One of the world’s biggest tobacco companies is diving into the cannabis market with a $1.8 billion buy-in.

Marlboro maker Altria Group Inc. is taking a 45 percent stake in Cronos Group, the Canadian medical and recreational marijuana provider said Friday.

The agreement includes a warrant to acquire additional shares over the next four years that could give the Altria, which is based in Richmond, Va., a 55 percent ownership stake in the Toronto company.

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