Imperial Brands to invest in Oxford Cannabinoid Technologies

By Bruno Reis

British tobacco company Imperial Brands has made an investment in the medical cannabis space. The company will invest in UK biotechnology company, Oxford Cannabinoid Technologies (OCT) through its subsidiary, Imperial Brands Ventures. So far, the size of the stake has not been disclosed.

OCT is licensed to research, develop and license cannabinoid-based compounds and therapies. Matthew Phillips, Chief Development Officer at Imperial Brands, stated: “Our investment enables Imperial to support OCT’s important research, while building a deeper understanding of the cannabinoid market.”

See also:

Roche to acquire foundation medicine for $2.4bn

Amazon to create 2500 new jobs int eh UK by the end of 2018 

CYBG acquires Virgin Money for £1.7bn

Although Imperial Brands is a UK company, headquartered in Bristol, it has not manufactured in the UK since 2016 and now has facilities in Eastern Europe. Although originally a tobacco company, Imperial has diversified into other fast-moving consumer goods and its brands include Imperial Tobacco, Tabacalera, ITG brands, Fontem Ventures and Logista, which is one of Europe’s largest logistics businesses.

The company has a significant US presence and names its key growth markets as Italy, Japan, Russia and Saudi Arabia.

According to Reuters, the new investment will be used to help OCT research how marijuana can be used in medicine. OCT uses modern technology and drug development standards to explore the possible uses of cannabinoid medication and, according to the company, “bring pioneering treatments to the market” with the aim of developing “a deeper understanding of the molecular actions of cannabinoids”.

Share
Share

Featured Articles

Top 10 most innovative telecom operators in the Middle East

With Dubai-based Telecoms World Middle East in full swing, we chart the most innovative telcos from the region – and look at how they are transforming

Top 10 fastest-growing Indian companies in the UK

Business Chief takes a look at the top 10 fastest-growing Indian companies in the UK, according to the India Meets Britain Tracker from Grant Thornton

Top 10 workplaces prioritising people and planet in the UAE

Sustainable, flexible, collaborative, tech-driven, and amenities-rich, the office of the future considers both people and planet – here are 10 in the UAE

Top 10 female HR execs leading Saudi’s workplace transition

Leadership & Strategy

Top 10 largest asset managers by AUM operating in the UAE

Corporate Finance

Top 10 female CEOs leading Africa’s biggest businesses

Leadership & Strategy