For years, the cannabis industry has been the purview of entrepreneurs and those willing to operate in gray areas — those willing to take some measure of risk to recover the premium on that risk. As cannabis has become legal for medical and/or adult use under the law of 80% of the states, it is inevitable that less risk-averse players would enter the space — and, eventually, that major players would seek a piece of the ever-growing pie.
True to form, word recently began circulating that tobacco giant Philip Morris International Inc. has agreed to purchase Israeli cannabis technology company Syqe Medical Ltd. for a whopping $650 million if Syqe obtains certain approval from the U.S. Food and Drug Administration.
Republished with permission. The complete article "What Big Tobacco's Cannabis Investments Mean for Market" was published on August 30, 2023 by Law360.