One of the world's largest tobacco giants is teaming up with Snoop Dogg's VC firm to invest in medical cannabis research

Business Insider | 3/21/2017 | Jeremy Berke
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Imperial Brands' venture arm invested in Oxford Cannabinoid Technologies, a UK-based biotech company, along with Casa Verde Capital.

Oxford Cannabinoid Technologies is researching and developing compounds in the cannabis plant that can be used for drugs.

Concrete - Signs - Tobacco - Industry - Cannabis

It's one of the first concrete signs the tobacco industry is embracing cannabis.

One of the world's largest tobacco companies is getting into cannabis.

Imperial - Brands - Venture - Arm - Series

Imperial Brands participated through its venture arm in a Series A fundraising round for Oxford Cannabinoid Technologies (OCT). Snoop Dogg's cannabis-focused venture firm, Casa Verde Capital, also participated in the round.

While OCT did not publicly disclose the size of the round, sources close to the deal confirmed to Business Insider that nearly $10 million was raised.

Concrete - Signs - Tobacco - Industry - Cannabis

It's one of the first concrete signs that the tobacco industry is embracing cannabis, and positioning itself for a future with less demand for cigarettes.

"We are pleased to be partnering with OCT," Matthew Phillips, the chief development officer of Imperial Ventures, said in a statement. "Cannabinoid products have significant potential and our investment enables Imperial to support OCT's important research while building a deeper understanding of the medical cannabis market."

Move - Sign - Shift - Imperial - Cigarette

The move is a sign of a larger shift within Imperial, which is behind popular cigarette brands like Kool, Salem, and Winston. Imperial added a Canadian cannabis executive, Simon Langelier, to its board last year. The company has also started moving beyond cigarettes to focus more on pharmaceuticals, vaporizers, and other consumer products.

The UK-based OCT is researching cannabinoid compounds to test which can be...
(Excerpt) Read more at: Business Insider
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