NEW YORK — One of the world’s biggest tobacco companies is diving into the cannabis market with a $2.4 billion buy-in. Marlboro maker Altria Group Inc. is taking a 45 per cent stake in Cronos Group, the Canadian medical and recreational marijuana provider said Friday. Whatever hesitation larger corporations in the U.S. had about entering the cannabis market appears to be fading if there is a financial justification. Rapid growth in the cannabis market is expected to continue as legalization expands in the U.S. and social norms change. In North America, that spending is expected to grow from $9.2 billion in 2017 to $47.3 billion in 2027.

Source: National Post December 07, 2018 14:37 UTC