The global cigarette company is now eyeing cannabis
As time goes by, many reputable companies have seen how the cannabis industry has been growing incredibly fast and has brought extraordinary profits to all those involved in it. Because of this, they have decided to make use of their already established trade in order to enter into an easier way and start branching out to several more flowering markets. This has been the case of the multinational tobacco company Philip Morris International, which currently has plans to analyze the marijuana industry and see if its market possibilities are really feasible.
The New York-based cigarette maker has said it is investigating the possible pharmaceutical plays, as well as evaluating all kinds of benefits and risks that could come with joining the industry. “We’re doing all this work and someday we’ll determine which paths to pursue. But our priority is what we’re doing with our smoke-free products, and that’s where I would stay with cannabis,” said CEO Andre Calantzopoulos during an interview.
The marijuana story goes back a couple of years when Morris decided to invest $20 million in Israeli company Syqe Medical, a startup that has since developed an inhaler that allows for the delivery of medical marijuana. In February, Morris had also expressed interest in market opportunities involving products ideal for sleeping, boosting energy, and calming anxiety, and it’s no secret that cannabis is a specialist at accomplishing those tasks.
In the meantime, other big tobacco companies such as Altria Group and British American Tobacco have taken stakes in marijuana companies and that has opened the door for many other companies to take a chance on it as well.