3 Min Read
(Reuters) - British American Tobacco said on Thursday it will buy a nearly 20% stake in Canada-based cannabis producer Organigram for about 126 million pounds ($175.8 million) as it seeks to expand beyond its main tobacco business.
FILE PHOTO: A cannabis plant is seen in a field at Hermel, Bekaa, Lebanon, July 31, 2013. REUTERS/ Mohamed Azakir/File Photo
Organigram grows cannabis and makes cannabis-derived products in Canada, where marijuana was legalised in 2018.
Big tobacco and liquor companies in North America have already made large investments in the nascent industry, with cannabis seen as a less harmful alternative to cigarettes.
With top Democratic lawmakers in the United States also promising to decriminalise marijuana use, analysts and experts predict record investment in the industry this year.
Looking beyond tobacco, BAT tries Canadian pot luck reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.