British American Tobacco invests in Charlotte’s Web.
BAT’s investment into the Colorado-based CBD company is valued at nearly $60 million.
“The appeal of Charlotte’s Web is clear to us: a wide portfolio of high-quality products, strong brand equity, an extensive retail presence and robust B2C e-commerce platform serving a loyal US consumer base, and a track record of in-depth scientific research,” said Kingsley Wheaton, Chief Growth Officer at BAT, in the announcement.
In September, as Cannabis Wire reported in this newsletter, BAT invested in a major German player, Sanity Group. And, the company already had a stake in Organigram, in Canada.
Finally, as Cannabis Wire has reported, BAT’s subsidiary Reynolds American, Inc. lobbies on cannabis in the U.S.
NJ Gov. Phil Murphy partners with Buy Legal campaign.
The US Cannabis Council has launched a campaign called Buy Legal, which encourages consumers across the country to buy from licensed and regulated operators. The campaign’s industry partners include some of the biggest cannabis companies in the country, like Canopy Growth, Columbia Care, Cresco Labs, Cronos Group, and Curaleaf.
Also joining the effort is New Jersey Gov. Phil Murphy.
“It is an honor to partner with the US Cannabis Council as the first elected official for the Buy Legal campaign. Since adult-use cannabis became legal in our state in 2021, the New Jersey Cannabis Regulatory Commission has established a well-regulated adult-use cannabis market that has catalyzed economic growth in our local communities and established minimum standards for safe products,” said Murphy.
“But like many other products, cannabis is not immune to the persistent illegal market, which poses a serious risk to consumers,” he continued, adding, “This campaign will help protect the ability of local, regulated cannabis enterprises to continue to do business in a way that is safe and accountable, and protect the safety of consumers while reinvesting in communities.”
Diddy’s deal to enter New York.
The short story is that Sean “Diddy” Combs is entering the cannabis industry, and specifically the New York, Illinois, and Massachusetts markets.
The longer story is in the details: Cresco Labs is in the process of acquiring Columbia Care. It needs to divest from certain assets in order to do so. That doesn’t mean it’s divesting from these states entirely; both companies hold licenses in all three states. So, in New York, for example, both Cresco and Columbia Care hold a vertically integrated medical cannabis license, and Diddy is largely getting the Columbia Care locations (plus one Cresco one).
And, as for how it all came to be: Tarik Brooks, the president of Combs Enterprises, is also on Cresco’s board of directors, to name one factor.
And, how much is the deal worth? $185 million. Now, let’s see if it comes to fruition.