Tobacco Marlboro decided to invest in the cannabis market with a 45% purchase from Cronos Group, a Canadian company dedicated to medical and recreational marijuana. This was announced by Altria, the owner of Marlboro. The investment is about 2 400 million dollars.
Cronos, in turn, said Marlboro would allocate another $ 1.4 billion for guarantees that, if exercised, would give the tobacco company a 55% stake in the cannabis-based company. Cronos shares rose 31% after the announcement.
Earlier this week, Cronus said she was in talks with the parent company of Altria, based in Richmond, Virginia. Altria is the headquarters of Philip Morris, one of Marlboro's products, and is the largest cigarette manufacturer in the world.
Canada is legalizing the use of marijuana this year, and in several US states regulations go in that direction. Canadian marijuana medical company, Tilray Inc. began trading on the US stock market and reached a market value of $ 10 billion.
There has been a history of Marlboro's entry into the cannabis market. Consortia Brands Inc., the owner of Corona beer, among other products, was associated with Growth Corp., one of Canada's leading marijuana producers, and its share reached 38%.
The cannabis consumer market has tremendous potential. According to the investment company Arcwiew Market Research, revenues of up to $ 57 billion in the world are expected within a decade of the legitimate cannabis market. US consumers spent $ 9.2 billion last year; by 2027 the figure could rise to 47,300 million.