Published On: Sat, Dec 8th, 2018

Marlboro owner Altria invests $1.8 billion in cannabis company Cronos

cannabis-industry-Altria

On Friday, Altria, the Marlboro cigarette maker became the latest company that is interested in the legal cannabis market and they have made their entry into the legal cannabis market. Many states of Canada has approved the substance, once-taboo, for medical use or for recreational use.

Altria also owns Philip Morris USA is interested to invest dollar 1.8 billion with Cronos group, which is a Canada-based group. The stake of Altria in the company will be 45 percent. In the board of directors of the Cronos group, Altria can nominate four executives and can control the stake at Canadian dollar 19 per share.

In the Cannabis industry of Canada, Cronos is a major player as it received full nationwide legalization. The demand for legal cannabis increased in Canada rapidly. The demand for cannabis-infused products and legal cannabis also grows in the United States of America.

It is expected that at the end of 2018, CBD product sales will surpass $1 billion. There are many more companies that are interested in investing in the Cannabis industry and it includes the Molson-Coors Brewing, the beverage giant Coca-Cola, and Constellation Brands.

Check the infographic provided below by FastWeed.com

Cannabis-in-Canada