IncSmart Virginia (Small Business and Startups) -
Virginia tobacco company buys into marijuana. The maker of Marlboro Cigarettes is buying a stake in Canadian Marijuana. Altria, headquarter in Virginia, is the first major tobacco company to invest in the marijuana industry. Canada is the first major economy to legalize marijuana at a national level. The investment is 2.5 billion dollars.
Altria now owns a 45% stake in the Canadian company Cronos. They are holding back on investing in the United States until the government allows it to be legal on a national level. Recreation marijuana is only legal in a few states at this moment. Tobacco companies have been suffering from the decline in it's cigarette business, and marijuana may soon replace tobacco as the ingredients for it's cigarettes. The American process is slow, with states first legalizing medical marijuana before recreational use. Utah was the latest state to open it's doors to medical marijuana use. The rapid growth of the marijuana market is expected to continue.
Written by IncSmart Staff
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