Charlotte's Web Holdings said it received a $56.8 million investment from a subsidiary of British American Tobacco (BAT) in a deal that gives the multinational tobacco giant a 19.9 percent stake in the Colorado CBD and industrial hemp company. charlotte's Web said in a press release that the investment was made in the form of convertible debt that can be made at BAT's discretion. charlotte's Web also noted that once the transaction closes, the company will have approximately $65 million in pro forma cash and short-term investments. in a statement, BAT Chief Growth Officer Kingsley Wheaton said charlotte's Web has "strong brand equity, an extensive retail presence and a deep track record of scientific research." This is not the first time BAT has invested in a cannabis company. in September, BAT acquired a minority stake in German cannabis company Sanity Group for an undisclosed amount. In Canada, BAT spent about $175 million to acquire a 19.9 percent stake in licensed cannabis producer Organigram Holdings in 2021. BAT invested another $5.1 million in Organigram this year.
Information source: mjbizdaily.com/
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