logo-loader

Imperial Brands invests in medical cannabis research company

Published: 14:00 28 Jun 2018 BST

Medicinal cannabis
Imperial appointed an expert in medicinal cannabis to its board of directors last year

Imperial Brands PLC (LON:IMB) said its subsidiary, Imperial Brands Ventures, will invest in a British biotech company researching how marijuana can be used in medicine.

The FTSE 100-tobacco company did not disclose the size of the stake it would be taking in the company, Oxford Cannabinoid Technologies, but the investment follows a previous move last year when Imperial appointed an expert in medicinal cannabis to its board of directors.

READ: Imperial Brands shares jump as it reports ‘significant progress’ in next generation products

The announcement also comes a day after the US Food and Drug Administration (FDA) approved the use of a cannabis-based drug for the first time, a move seen as opening floodgates for more research into the medicinal properties of cannabis.

The investment forms part of a wider trend among tobacco companies, who are trying to diversify their product ranges outside of traditional tobacco products such as cigarettes in order to maintain market share.

In mid-afternoon trading Thursday, Imperial Brands shares were up 1.6% at 2,779p.

Accesso's landmark deal with SEVEN marks strategic growth in the Saudi Market

Accesso Technology Group PLC (AIM:ACSO, OTC:LOQPF) chief executive Steve Brown joins Proactive's Stephen Gunnion with details of a significant partnership with Saudi Entertainment Ventures (SEVEN). Brown noted the collaboration highlights accesso's strategy to grow its global footprint,...

26 minutes ago