Some pot stocks appeared to rise on the hint from Philip Morris. And earlier this year, British American Tobacco took a stake in Organigram, another Canadian marijuana grower. Altria, for example, invested in Canadian marijuana producer Cronos in 2018. Philip Morris has been the most cautious among its peers to enter the playing field. Andrew Cuomo, for example, signed a law earlier this year that legalized the recreational use of marijuana, opening up a potentially massive market to growers, sellers and others in the industry. While the federal government has yet to move to legalize marijuana in the US, states are increasingly moving in that direction. The marijuana market could be an increasingly attractive alternative to selling cigarettes for the traditional tobacco retailers. Marijuana has been legalized in New York state. Altria, which sells Marlboros in the US, for example, took a 35 percent stake in nicotine-vape retailer Juul in 2018 as a bet on the future of vaping, which has since itself struggled, largely thanks to new restrictions on the products. Once-mighty cigarette giants have been looking for more sources of revenue for years as cigarettes have fallen out of favor amid mounting regulation and behavioral changes. Aurora Cannabis was up almost 1 percent in premarket. Canopy Growth was up about 1.5 percent in premarket trading after finishing the day down more than 2 percent on Tuesday. “But our priority is what we’re doing with our smoke-free products, and that’s where I would stay on cannabis.”Ī couple of pot stocks appeared to rise on the hint from Philip Morris. “We are doing all this work and will determine one day what avenues to pursue,” he said. Philip Morris CEO Andre Calantzopoulos said in an interview with Bloomberg that it’s watching the industry closely, though it hasn’t jumped in yet because of how young the market is and uncertainty about how pot sales will be regulated. Marlboro-maker Philip Morris International is eyeing a possible entry into the marijuana market as cigarette-makers struggle to grow sales amid increasing nicotine regulation. Pot dispensary owner berates cop in profanity-laced tirade Marijuana-growing device caused massive Yonkers blaze that left one dead, multiple injured: officials NY pols to blame for disastrous marijuana law: Mike Bloomberg One fatally shot in NYC smoke shop ‘robbery gone bad’
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