Tobacco Giant Phillip Morris To Buy Marijuana Inhaler Producer For $650M, Aiming For FDA Approval
Portfolio Pulse from Nina Zdinjak
Phillip Morris (NYSE:PM) is reportedly buying Israeli med-tech company Syqe Medical for $650 million. Syqe's main product is a metered-dose inhaler for pain reduction treatment using medical marijuana. Phillip Morris will invest $130 million to finance the FDA approval process for Syqe’s inhaler. If approved, Phillip Morris would acquire all of Syqe's shares for $650 million via its subsidiary Vectura. This could make Syqe one of the ten biggest cannabis companies, alongside Tilray Brands Inc (NASDAQ:TLRY) and Aurora Cannabis (NYSE:ACB).
July 18, 2023 | 3:20 pm
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POSITIVE IMPACT
Phillip Morris is investing in the medical marijuana industry by acquiring Syqe Medical. This could diversify its product portfolio and potentially boost its revenues.
The acquisition of Syqe Medical by Phillip Morris could potentially boost its revenues by diversifying its product portfolio into the medical marijuana industry. This is a significant move for the company and could have a positive impact on its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
The acquisition could make Syqe one of the ten biggest cannabis companies, alongside Aurora Cannabis.
The news of Syqe's acquisition could potentially impact Aurora Cannabis as it could introduce a new major player in the cannabis industry. However, the direct impact on Aurora's stock price is uncertain.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
The acquisition could make Syqe one of the ten biggest cannabis companies, alongside Tilray Brands Inc.
The news of Syqe's acquisition could potentially impact Tilray Brands Inc as it could introduce a new major player in the cannabis industry. However, the direct impact on Tilray's stock price is uncertain.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50