Marlboro has entered the medical and recreational marijuana market



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One of the largest tobacco companies in the world entered the cannabis market with a $ 1.8 billion investment in the Cronos Group, a Canadian medical and recreational marijuana company.

Altria, maker of Marlboro cigarettes, is acquiring a 45% stake in Cronos, the company said on Friday. Toronto.

He added that the tobacco company of Richmond, Virginia, will pay the others 1,400 million guarantees which, if exercised, would give Altria a majority 55% of the property.

That would mean that Altria's investment would be at the same level as the $ 4 billion spent earlier this year by Constellation Brands to buy Altria shares. Canopy Growth Corp, another Canadian marijuana producer.

The investment made in August by Constellation, which makes Corona and other beverages, was the largest to date of a large US corporation in the cannabis market.

Whatever the hesitation of large corporations in U.S With regard to entering the cannabis market, it seems to be disappearing if there is a financial justification.

Altria's huge investment has encouraged the cannabis companies that have begun to establish themselves in the Canada, where this year its leisure consumption was legalized.

Cronos Group Inc. shares up 31% and approached a historic high at the opening on Friday.

The rapid growth of the cannabis market is expected to continue as legalization in the United States expands and social norms change. On Tuesday, Utah's ultraconservative state became the latest state to legalize the use of marijuana for medical purposes.

Consumers are expected to spend $ 57 billion a year in legal cannabis for 2027According to Arcview Market Research, an investment firm focused on cannabis.

In North America, this spending should increase $ 9.2 billion in 2017 to $ 47.3 billion in 2027.

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