Forbes write
Philip Morris International (PMI), the largest tobacco company in the world by market cap, is further extending its reach into cannabis through its subsidiary, Vectura Fertin Pharma (VFP). In a press release that went mostly unnoticed, the company announced this week a collaboration with Avicanna, a Canadian biopharmaceutical firm specializing in cannabinoid-based medicine. This partnership aims to advance medical cannabis research and improve accessibility in Canada. By leveraging Avicanna’s expertise and its MyMedi.ca platform, PMI continues its measured pivot toward health and wellness.
The collaboration between PMI’s Vectura Fertin Pharma and Avicanna signals a continuation of PMI’s calculated strategy in the cannabis sector, particularly its focus on medical applications over recreational cannabis. Aaron Grey, managing director at Alliance Global Partners, an investment firm highly active in the cannabis space, observes, “PMI has consistently shown interest in the medical side of cannabis. Their 2016 investment in Syqe Medical was medical-focused, and this Avicanna partnership continues in that vein. PMI’s public-facing interest in cannabis has been more about the medical side than recreational or consumer products.”
PMI Eyes The Future With Medical Cannabis Investments
PMI’s deliberate focus on medical cannabis aligns with its broader strategy of research-driven innovation. Grey elaborates, “This seems like a continuation of PMI’s interest in cannabis, particularly in medical opportunities. Back in 2016, they invested in Syqe Medical, and in July 2023, they agreed to purchase the remaining shares of that company. There were contingencies around getting FDA approval for their device, but that investment was also medical-focused. This partnership with Avicanna appears to align with that strategy.”
