UK tobacco giant BAT has followed up its £127m investment into Organigram with further investment in a Canadian cannabis company. Research-based Trait Biosciences says it has completed a C$31m (£18m) Series A financing round led by the corporate venture unit of British American Tobacco (BAT) – Btomorrow Ventures. Vancouver-based Trait says the money raised will be used to support its research and development activities in relation to the commercialization of its proprietary 2XGLY water-soluble, cannabinoid technology. The deal will see BAT help commercialize the technology, which could be used in beverages and has led to speculation that BAT may diversify into cannabis-infused drinks or even the cannabis alcohol market. ‘Beyond Nicotine’ Peter McDonough, Trait CEO, said in a press release: “Trait is focused on developing technology that provides our business partners with a superior extract to nano-emulsion solutions that are actively used throughout the industry today. “Our new technology, scheduled for market launch in 2022, will deliver premium quality, water-soluble cannabinoids for use in a broad range of novel CBD products encompassing, amongst others, beverages, edibles, and health and wellness applications.”
Cannabis Business Executive – Cannabis and Marijuana industry news, 08/02/2021 10:51:00