Marlboro maker Altria Group Inc. will invest $2.4 billion in Canadian cannabis producer Cronos Group Inc. — marking a major foray by Big Tobacco into the pot sector — as the global market for weed continues to grow. Cronos will remain a Canadian company, headquartered in Toronto, Gorenstein said. And as global cigarette consumption continues to decline, Big Tobacco has been looking for new areas for growth such as e-cigarettes and, now, pot. Altria's investment in Cronos is by far the largest move by Big Tobacco into cannabis, said Martin Landry, an analyst with GMP Securities. Cronos said it will use the capital to accelerate its global growth and expansion, as well as research and development.

Source: CBC News December 07, 2018 15:04 UTC