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Big tobacco bets big on cannabis

Big tobacco bets big on cannabis

Word recently surfaced that tobacco giant Philip Morris has agreed to purchase the Israeli cannabis company Syqe Medical for an impressive $650 million, contingent upon certain future events.

While the two companies have some history together, this new deal is reportedly linked to Philip Morris’ interest in acquiring Syqe’s pharmaceutical-grade, metered-dose inhaler, which delivers precise doses of medical cannabis to patients.

It’s worth noting that this isn’t the first instance of big tobacco investing in the cannabis sector. As MJBizDaily reported, tobacco companies made significant investments in cannabis in 2018, with Altria Group investing $1.8 billion in the Canadian company Cronos Group, and in 2019, when Imperial Brands invested $123 million Canadian dollars in Auxly Cannabis Group. This recent development, however, prompts the question: Will this time be different?

Vaped cannabis delivery products will continue to thrive

In 2020 and 2021, vape products accounted for 28.1% of sales in the U.S. cannabis market, second only to pre-rolls and nearly 10% higher than overall cannabis sales in California, Colorado, Michigan, Nevada, Oregon, and Washington combined.

In 2022, vape cartridge sales surpassed $2.8 billion, representing 23% of the entire cannabis market. Since 2018, sales of these products have surged by 172%.

It doesn’t take a genius to realise that Philip Morris has been closely monitoring trends in the cannabis industry. The figures above, combined with the news of the Philip Morris/Syqe deal, confirm that vape products are here to stay and are likely to soon dominate the industry.

Indeed, some projections estimate the vaped medical cannabis market will be valued at $22 billion within the next 10 to 15 years.

Is this a sign that congress will re-schedule rather than de-schedule?

Following President Biden’s October 2022 announcement about pardoning federal convictions for simple marijuana possession and directing the Department of Health and Human Services to review the scheduling of marijuana under federal law, many in the cannabis industry, including us, began to wonder if the federal government would de-schedule marijuana from the Controlled Substances Act (CSA) or re-schedule it, keeping it within the CSA’s framework.

Although far from definitive, the Philip Morris/Syqe deal might indicate that re-scheduling is on the horizon – or at least that’s the intel Philip Morris has received.

In addition to Syqe’s inhaler product likely enticing Philip Morris to the negotiating table, $530 million of the $650 million deal hinges on Syqe securing U.S. FDA approval for its inhaler following clinical trials.

As we speculated in earlier blog posts, re-scheduling marijuana will probably involve much more FDA red tape and compliance than de-scheduling. Philip Morris may be getting a head start in this respect and signaling what’s to come.

Big tobacco is willing to pay big and is optimistic about the cannabis industry’s future

Many investors are diving into the cannabis industry with the hope of earning massive returns on investment (ROIs) once marijuana is federally legalised and big players from tobacco, pharma, and the alcohol industry acquire state and multi-state operators.

The Philip Morris/Syqe deal should only strengthen these hopes. While we wouldn’t advise buying that dream mountain or beach home just yet, it’s clear that these other industries are betting big on the future of cannabis in the United States. Wheels up!

 

Disclaimer: The information provided on this page is for educational purposes only and should not be considered medical advice. Always consult with a healthcare professional before using any THC product.

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