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.”