The maker of Marlboro cigarettes is plowing $1.8 billion into the cannabis producer Cronos (MO, CRON)

04:22 - 24 July 2024

Marlboro cigarettes

<a href="https://markets.businessinsider.com/stocks/mo-stock?utm_source=intl&utm_medium=ingest" id="9e750363-7f58-37c5-a78e-35ee77a72fb8"> Altria </a> , the maker of Marlboro cigarettes announced Friday it intends to invest $2.4 billion Canadian dollars ($1.8 billion) into the Canadian cannabis producer <a href="https://markets.businessinsider.com/stocks/cron-stock?utm_source=intl&utm_medium=ingest" id="933f57e6-6f19-328d-a2d4-1bfa16bb8e4f"> Cronos </a> , sending Cronos shares up as...

"Altria is the ideal partner for Cronos Group, providing the resources and expertise we need to meaningfully accelerate our strategic growth," said Cronos CEO Mike Gorenstein in a press release.

"The proceeds from Altria’s investment will enable us to more quickly expand our global infrastructure and distribution footprint, while also increasing investments in R&D and brands that resonate with our consumers. Importantly, Altria shares our vision of driving long-term value through innovation, and we look forward to continuing to differentiate in this area."

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