"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 statement.
For Altria, once known as Phillip Morris, it’s an opportunity to get comfortable in a nascent market and position itself for the potential national legalization in the US.
Altria’s shares have fallen by more than 20%over the year, as cigarette smoking continues to decline in the US. Federal data this month showed an estimated 14% of adults in the country smoked cigarettes in 2017, the lowest level ever.

Marlboro parent Altria invests $1.8 billion in cannabis company Cronos
Tobacco giant Altira is investing $1.8 billion in Canadian cannabis company Cronos Group. That will give Altria a 45% stake in the company, with an option for Altria to increase its stake to 55% over the next five years.
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