UK-based tobacco giant Imperial Brands plc (IMB.L,IMBBF.PK,IMBBY.PK) said it will invest C$123 million, or GBP 75 million, in Canadian cannabis company Auxly Cannabis Group Inc. The deal marks Imperial's latest foray into the cannabis sector.
As part of the transaction, Imperial will invest 75 million pounds by way of a debenture that is convertible into a 19.9 percent stake in Auxly over a three-year term. Imperial will also grant Auxly global licences to its vaping technology and access to its vapor innovation business, Nerudia.
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