British American Tobacco (BAT), a giant in the tobacco industry, has said that it sees cannabis as part of its future as it attempts to progress beyond selling traditional cigarettes.
The company said it wants to “accelerate” its transformation by reducing the harmful impacts to health from its products.
BAT, in March, bought a stake in Canadian medical cannabis maker Organigram, and also signed a deal to research a new range of adult cannabis products.
“As we think about our portfolio for the future, certainly beyond nicotine products are interesting for us as another wave of future growth,” BAT executive Kingsley Wheaton said during Radio 4’s Today Programme on Wednesday.
The chief marketing officer commented that he saw cannabis-related products as being part of the company’s future growth. Currently, BAT is also trialling a CBD vape product in Manchester, UK.
In Malta, the Government has championed the use of and manufacturing of medical cannabis through legislation that came into effect in 2018. In terms of recreational use, a public consultation was launched earlier this year on what going from decriminalisation towards legalisation may look like.
British American Tabacco financials
Towards the end of June, BAT released its half-year results, and reported a rise in revenue of 8.1 per cent, reaching £12.18 billion (€14.3 million).
The company revealed that more than a third of its UK revenues now come from vaping brands such as Vuse, Velo and glo.
BAT also experienced its fastest growth in terms of new customers for its non-combustible products, such as vapes, jumping from 2.6 million to 16.1 million.
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