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Philip Morris parent invests $2.4 billion in Cronos cannabis

One of the world’s biggest tobacco companies is bullish on bud.

Altria, parent company of New York-based Philip Morris (NYSE: PM) and maker of Marlboro cigarettes, invested $2.4 billion into a Toronto medical and recreational marijuana company.

The deal gives Altria (NYSE: MO) a 45 percent stake in Cronos Group.

Cronos (NASDAQ: CRON) said Friday that the Richmond, Virginia, tobacco company will pay another $1.4 billion for warrants that, if exercised, would give Altria a 55 percent majority…

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