British behemoth Imperial Tobacco announced it will invest $123M (via convertible debentures worth a 19.9% stake) in Auxly Cannabis Group, formerly known as Cannabis Wheaton, founded by Canopy‘s first ousted co-founder, Chuck Rifici. (I profiled Rifici and the company in Leafly in 2017).
The Star, Leafly
- Compared with Altria’s $2.4B buy into Cronos last year, the investment is cautious.
Globe and Mail
- The deal will give Auxly access to Imperial’s vaporizer technology ahead of extracts legalization this fall
- Auxly’s stoke rose 20% on news of the transaction.
- The British company is not related to Imperial Tobacco Canada.