NEW YORK | Marlboro maker places $2.4 billion bet on marijuana
NEW YORK — One of the world’s biggest tobacco companies is diving into the cannabis market with a $2.4 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.
Altria will pay another $1.4 billion for warrants that if exercised, would give the Altria a 55 percent ownership stake in the Toronto company.
That would mean Altria’s investment would be in the same league as the $4 billion spent earlier this year by Constellation Brands to acquire shares of Canopy Growth Corp., another Canadian pot producer.