Two weeks after announcing a major move into the marijuana market with an investment of $1.8 billion in Canadian medical and recreational MJ provider Cronos Group, Marlboro maker Altria revealed it is spending nearly $13 billion to buy a huge stake in the vape company Juul.
E-cigarettes and other vaping devices have been sold in the U.S. since 2007 and have grown into a $6.6 billion business, and it is already intersecting with another seismic shift in the U.S. – the state-legalization of marijuana across the United States.
Juul will remain an independent company, but it gains access to Altria’s massive infrastructure and reach.
Under the agreement, Altria’s only entry into the e-cigarette market will be through Juul for at least six years.
– Associated Press