Multinational tobacco giant Philip Morris International is buying the Israeli cannabis tech firm Syqe Medical in a deal worth up to $650 million, according to the Israeli business newspaper Calcalist.
Syqe’s chief product is a metered-dose pharmaceutical-grade inhaler that allows patients to measure an exact dose of medical cannabis.
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If completed, the deal would mark one of the biggest investments in the cannabis space by a tobacco producer in recent years.
In 2018, Altria Group, one of the largest tobacco companies in North America, pumped 2.4 billion Canadian dollars ($1.8 billion) into Ontario-based cannabis producer Cronos Group, though the Canadian company is now looking for a buyer.
The following year, British tobacco giant Imperial Brands invested CA$123 million in Toronto-based cannabis producer Auxly Cannabis Group.
Philip Morris’ reported $650 million agreement to purchase Syqe would make the Israeli company one of the most valuable cannabis firms
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