How should investors value marijuana stocks?

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Altria Group Inc., the U.S. tobacco leader and maker of Marlboro cigarettes, announced in December that it was  buying 45 percent of Cronos Group Inc. , one of Canada’s growing number of cannabis producers and among the industry’s high-flying stocks. The $1.8 billion transaction left us wondering: How did Altria determine that price? After all, in the period before the deal, Cronos generated sales of less than $4 million – no, that’s not a typo – and certainly no profits.

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