Multinational tobacco giant British American Tobacco (BAT) announced Monday that it has acquired a non-controlling minority stake in German cannabis company Sanity Group for an undisclosed amount. As first reported by Bloomberg, Sanity raised $36.7 million in a Series B financing round that was led by BAT. "Nearly half" of the new $37.6 million round will be used for Sanity's medical marijuana business, with the rest of the funds going toward preparations for the legalization of adult cannabis in Germany. In Canada, British American Tobacco acquired a 19.9 percent stake in licensed cannabis producer Organigram Holdings for about $175 million in 2021. British American Tobacco invested another $5.1 million in Organigram this year.
Information source: mjbizdaily.com