Cannabis firm confirms investment talks with Marlboro maker

Published:

On: Dec 2018

The maker of Marlboro cigarettes, Altria and a Canadian cannabis producer Cronos Group are in talks over a potential investment in the firm.

 

Cronos Group has confirmed this news, but it did not provide any details on the talks. It said that both the parties are yet to reach an agreement. There was also news saying that Altria would be thinking of acquiring Cronos as a part of its efforts to focus on people other than traditional smokers.

 

The discussion is taking place on the background of the recent law passed in Canada which has legalized recreational cannabis. The law was passed in October, making Canda the second country worldwide to do so.

 

Cronos said in a statement that the parties had reached no agreement yet on any transactions concerning the investment or other actions.

 

Corona beer owner brands have declared that it will be investing around $4bn (£3.1bn) into Canopy Growth which is Canada’s top cannabis producer. This deal would be the most significant investment done in this industry so far.

 

Imperial Brands, a tobacco firm is investing in one UK based company Oxford Cannabinoid Technologies. As per the reports, Coca-Cola is in talks with Aurora Cannabis for manufacturing marijuana based beverages.