The possibility of earning large profits is increasing in the cannabis industry, and as a result, multiple investors are getting involved in the marijuana business. Altria is a well-known tobacco industry that is going to become a cannabis company.
State and federal laws regarding cannabis involvement activities are changing, and some significant alterations are on their way. These changes will be a source of mega-profits and enhance business. Furthermore, marijuana businesses will flourish when the Senate and the House legalize its use and possession.
Altria is one of the biggest tobacco companies in the world. Well, that is not it, Altria will soon be one of the most influential cannabis companies. Furthermore, the company is putting pressure on lawmakers to pass the bills regarding the legalization and decriminalization of marijuana.
The company bought a stake worth $1.8 billion in 2018, and to spread their business is making efforts. Altria is pushing Congress to pass cannabis-friendly laws.
ALSO READ: Marijuana Industry Move A Step Forward In Virginia
Moreover, there are whispers that the tobacco-industry big names are aiming to capture the cannabis industry. Furthermore, some whispers suggest that big-tobacco industrialists are working hard to legalize marijuana involving business.
The rate of business contracts, agreements, and other big-business techniques has risen in the field of cannabis. Big and small industries are all working to form business agreements to enhance their markets, sales, and overall business.
Altria Entrance Into Cannabis Industry
The largest tobacco industry bought a 45 percent stake in Cronos Group for a total of $1.8 billion in December 2018. Cronos Group is one of the first major multinational cannabis firms with its base in Canada. Through this investment, Altria enters the cannabis sector and onwards made multiple investments.
Moreover, the company makes use of advanced technology to formulate marijuana-containing products. According to a Forbes report, Altria has quietly entered the marijuana industry, invested in hemp vaporizers, and filled out new patent applications for proprietary devices.
The interest of big companies in the cannabis industry highlights that investors take the cannabis industry seriously. The marijuana industry is using tactics that are practiced in other industries. Moreover, the tactics are similar to tactics in Silicon Valley, alcohol, and other business sectors.
Altria makes sure that company tracks and bases remain secure. Moreover, for the company’s progress and security, Altria has covered its base politically. The industry has covered bases at both the federal and state levels.
Altria Efforts For Legalizing Marijuana
ALSO READ: Cannabis Industry To Make M&A Boom In The US
According to filings, $30,000 was given to three lobbyists from the firm in the last four months of 2020, for lobbying the House on tax issues. Furthermore, in the Senate, Altria, through Akin Gump, Strauss Hauer & Feld, gives $50,000 to two lobbyists. The aim was to convince lawmakers on issues relating to cannabis-based cannabidiol (CBD). Another proposal for approval was to raise the legal age of tobacco use to 21.
Altria also has involvement in headquarters in the state capital of Richmond and will begin in 2023. Current Congressmen in the House and the Senate are in favor of the legalization of marijuana at federal and state levels.
According to George Parman, Altria is in favor of the legalization of cannabis, but only under an appropriate regulatory framework.