How should investors value marijuana stocks?


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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