Big Tobacco Buying Into Medical Cannabis

business

In an early show from the tobacco industry which is now embracing the rising popularity of cannabis and declining demand for cigarettes, one of the world’s largest tobacco companies announced that they’re getting into cannabis.

Imperial Brands, makers of Kool, Salem, Winston, and the vapour device ‘blu’ have a venture arm that participated in a Series A fundraising round for Oxford Cannabinoid Technologies, a start-up that is researching medical uses of cannabis. Snoop Dogg’s cannabis-focused venture firm, Casa Verde Capital, contributed $10 million to the financing round.

The UK-based Oxford Cannabinoid Technologies is focused on creating effective drug treatments using cannabinoid compounds. Like other research-stage biotech companies, it’s working on developing intellectual property around these compounds. The investment from Imperial allows the tobacco brand to diversify outside of their controversial products and to support OCT’s research on pain, oncology treatment, inflammation, and gastrointestinal diseases. The startup is concurrently seeking a research partnership, a laboratory in Europe and scientists as well as policymakers for its advisory board.

While recreational weed seems to be the hot talk of North America, the emerging market for cannabis-based drugs is a global affair. In just two years, multiple countries have created new cannabis markets; Germany, Australia, Brazil and Bulgaria to name only a few. However, securing funding for cannabinoid research is still a challenge.

But we can see light at the end of the tunnel and things are progressing nicely. We just saw the first marijuana-derived epilepsy drug get approval from the Food and Drug Administration last week. The FDA’s approval of the GW Pharmaceuticals drug, Epidiolex, presents a massive opportunity for biotech and pharmaceutical companies and should open the doors to more research into the medicinal properties of the incredible cannabis plant.

July 9, 2018

by Parker Wallace

Profile photo of Parker Wallace
Parker is a cannabis enthusiast to the core who shares a keen interest in listening to what others have to say and understanding what’s important to them. Those who know Parker know that his passion for health and wellness runs deep, and his love of Canada even deeper!

Discussion

roottie-new-york-marijuana
New York Warming Up To Cannabis
roottie-DEA-slang
DEA’s Hilarious List Of Slang Terms For Marijuana
roottie-family-kids-cannabis
Improving Family Time Experiences With Cannabis
roottie-game-night-cannabis
Hosting An Epic Game Night
roottie-stock-Tilray
The First Marijuana IPO On A Major U.S. Exchange
roottie-cannabis-beer
New Cali Cannabis-Beer Collab
roottie-cannabis-roll-joint
Pre-Roll Tech Coming To Canada
roottie-tobacco-cannabis
Big Tobacco Buying Into Medical Cannabis
roottie-coconut-oil-cannabis
The Wellness Power Combo: Coconut Oil & Cannabis
roottie-cbd-health
Exploring Some Less Known Uses For CBD
roottie-CBD-pets
Benefits Of CBD Oil For Dogs
roottie-THC-medical
The Value Of THC In The Medical Market
roottie-overdose-cannabis
What To Do If You Get Too High
roottie-spectrum-extracts
Full-Spectrum Cannabis Extracts
roottie-hershey-canada
Hershey’s Munchies-Inspired Oh Henry!
roottie-edible-inhale-thc
Edible High Vs. Inhalation High