Altria Group to invest $1 billion 800 million in the Canadian Cronos Group

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Altria Group, the largest manufacturer of tobacco products in the United States, announced its intention to purchase a 45 percent stake in Canadian Cronos Group, which specializes in the cultivation of cannabis for medical purposes, for 2 billion 400 million Canadian dollars, finversia.ru writes. Companies expect to complete the deal in the first quarter of 2019. It is reported that the companies have also agreed that Altria in the future will be able to further invest 1 billion 400 million Canadian dollars and, thus, increase its stake in Cronos to 55%. As noted in Cronos, the company will be able to use the additional financial resources received as a result of the deal to develop new products.

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