Altria Group, one of many largest tobacco corporations in North America, is assessing its market alternatives within the hashish business.
The entry of Altria – proprietor of Marlboro maker Philip Morris USA and an investor in alcohol big Anheuser-Busch InBev – can be one other main milestone for the marijuana sector, approaching the heels of Constellation Brands’ bombshell funding in Canopy Growth final month.
“Cannabis remains illegal under federal law, and we intend to continue to comply with federal law,” Murray Garnick, government vice chairman at Altria, stated throughout a hearth chat on the Barclays 2018 Global Consumer Staples Conference.
But the corporate can also be “mindful of the possibility” that hashish’ authorized standing might change, he famous. “We’re studying and evaluating market opportunities,” Garnick stated.
Other cigarette makers have already dipped their toes within the hashish business.
In June, British tobacco big Imperial Brands was amongst buyers taking a stake in Oxford Cannabinoid Technologies, a United Kingdom-based medical hashish startup.
In February, tobacco titan Alliance One International purchased a controlling stake in two Canadian marijuana producers, Canada’s Island Garden and Goldleaf Pharm.
Altria additionally owns about 10% of AB InBev, whose portfolio consists of Budweiser, Corona and Stella Artois.
Other alcohol corporations have additionally taken the leap into the hashish area in current months, as Canada prepares for adult-use legalization together with some U.S. states.
Last month, Molson introduced plans to type a three way partnership with Quebec-based licensed producer Hydropothecary – now referred to as HEXO – to develop nonalcoholic, cannabis-infused drinks.
Canada’s beer business has expressed concern that the leisure marijuana market goes to chop into its income and has even requested the federal government to boost the proposed tax to degree the enjoying subject.
Matt Lamers may be reached at [email protected]
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