Marlboro maker leaps into the cannabis trade with $2.4B
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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 per cent stake in the Toronto company.
Cronos said on Friday that the Richmond, Virginia, tobacco company will pay another $1.4 billion for warrants that if exercised, would give the Altria a 55 per cent majority ownership stake.
Cronos first announced that it was in talks with Altria this week.
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Comments (6) Closed
Dec 07, 2018 07:29pm
Profits preferred over public health are inhumane...
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Dec 07, 2018 08:28pm
Sin tax must be applied to cigarettes, tobacco, soft drinks and imported cosmetics and shisha the coffee shops flavoured tobacco use.
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Dec 07, 2018 10:19pm
Pakistan must raise taxes on all discretionary products especially those injurious to health - even chewing gum, paan, beer nuts and soft drinks and of course all liquor flavored candy.
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Dec 07, 2018 11:20pm
Very bad
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Dec 08, 2018 12:33am
The article is about a North American company, which is smart enough to understand where the next big buck is.
How come the comments are all about Pakistan and taxes? Such tight hipped attitude is peculiar and more in line with Modi's Bharat than ordinary Pak thinking.
Very disapponting indeed.
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Dec 08, 2018 03:43am
@Shahid Ehsan Khalid, An excellent rejoinder that spotlights the dichotomy that is
the billion dollar investment in a proven medically beneficial drug (marijuana) over a cancer producing product (cigarettes) by a company that wears the Marlboro brand.
Gordon D. Walker
Canada
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