Maker of Marlboro Cigarettes Invests $2.4 Billion Into Marijuana Industry

According to reports, Altria— the parent company of Phillip Morris who makes Marlboro cigarettes, has invested a massive amount of money into medical and recreational marijuana.

Altria reportedly invested $2.4 billion into Canadian medical and recreational marijuana company Cronos Group. As a result, Altria now has a 45 percent stake in the company. Another round of $1.4 billion is reportedly up in the air, which could bring Altria’s stake to 55 percent.

Cronos Group CEO Mike Gorenstein commented on the news, saying “We just got a new partner and now resources — but beyond that, the network and support [Altria] can offer — being able to have that experience. It’s an alignment and a partnership but it’s not like the deal is over. We’re all very, very excited about the beginning, and we can now go and do the things we want to do.”

source: Market Watch