International
Cannabis cigarettes: an ever closer reality
the producer Canadian cannabis Cronos Group will receive 2,4 billion Canadian dollars of investment by the Altria Group, one of the largest tobacco companies in the world, according to an amicable agreement announced last friday.
Altria, formerly Philip Morris Companies Inc., based in Virginia and owner of Marlboro, has entered into an agreement with Cronos Group, the first cannabis company listed on the New York Stock Exchange, to acquire a 45% stake in Cronos, based in Toronto, before initial investment.
The total amount of investment could reach up to 3,8 billion Canadian dollars in four years, increasing its stake as a shareholder in Cronos to 55%, according to the agreement.
“Investing in Cronos Group as the exclusive partner in this emerging global cannabis category represents an exciting new growth opportunity for Altria,” said Howard Willard, Altria's chairman and chief executive officer.
Cronos had already confirmed negotiations with Altria, which joins Molson Coors, Constellation Brands and other companies well established in their markets, which are moving to gradually enter the giant green market.
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Featured photo: DR
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[Disclaimer: Please note that this text was originally written in Portuguese and is translated into English and other languages using an automatic translator. Some words may differ from the original and typos or errors may occur in other languages.]____________________________________________________________________________________________________
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I am one of the directors of CannaReporter, which I founded together with Laura Ramos. I am from the unique Island of Madeira, where I currently reside. While I was in Lisbon at FCUL studying Physical Engineering, I became involved in the national hemp and cannabis scene and participated in several associations, some of which I am still a member of. I follow the global industry and especially legislative advances regarding the different uses of cannabis.
I can be contacted by email at joao.costa@cannareporter.eu
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