Giant Imperial Brands, a British Tobacco company, is taking strides into the cannabis industry. Specifically, the company will be investing $123 million into Auxly Cannabis Group, Inc. The investment will not only promote the partnership, but also research and development. Further, Auxly will have access to Imperials license for vaping technology.
The move was announced in a press release by Auxly, in which it states that it is welcoming the investment and R&D partnership with Imperial Brands.
Hugo Alves, Auxly’s President, shared in the press release,
“This investment from Imperial Brands will enhance Auxly’s ability to continue to deliver on our business plans and accelerate our growth initiatives to expand our portfolio of branded derivative products. The timing is ideal as we prepare to bring our portfolio of innovative cannabis products to the Canadian market following the legalization of edibles, extracts and topicals later this year.”
Auxly’s Chairman and CEO also shared, Chuck Rifici, also shared,
“Following its extensive evaluation of the Canadian cannabis market, we’re thrilled that Imperial Brands selected Auxly as its partner of choice due to the high calibre of our assets, people and capabilities. We are particularly excited to partner with Imperial Brands on current and future intellectual property and product development, starting with immediate access to its portfolio of vaping technologies and research and development capabilities.”
The partnership will also allow Auxly to move ahead with its business plans as Canada’s CBD business market makes big changes. Those who are interested in reading the full press release can do so here.
According to a news report by Quartz, “Many of the cannabis industry’s titans are based in Canada, where they enjoy nation-wide legalization.” In the United States, marijuana is illegal under federal law and is classified as a Schedule I substance.
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