Cigarette Giant Philip Morris Decides Not to Invest in Cannabis

Last month Big Tobacco company Altria Group, the makers of Marlboro, made a $2.4 billion investment into cannabis. And while that may have worried some people about the possibility that Big Tobacco was trying to dominate the cannabis industry, some good news arrived today.

Another Big Tobacco giant Philip Morris announced that they would not be investing in cannabis at this time. The company's CEO Andre Calantzopoulos said there were several factors that led to this decision. Calantzopoulos noted that international markets don't regulate marijuana the same way, and that could pose a logistical issue for the company. He also said the company is focused on its IQOS heated-tobacco system that they claim is better than normal cigarettes.

In a somewhat weird statement, Calantzopoulos also said he wasn't "comfortable" with the science behind cannabis and believes more research needs to be done. That's a pretty weird statement coming from a Big Tobacco CEO, considering he's perfectly fine selling cigarettes that we know are 100 percent bad for a person's health.

Some are worried about the possibility of Big Tobacco getting involved in the cannabis industry, as they're worried they will make it too corporate-y and possibly begin monopolizing the industry. But it appears, at least for now, that not all of Big Tobacco is ready to get involved in marijuana right this moment.

(h/t Motley Fool)

Latest.

If passed, a new bipartisan bill filed in the House of Representative this week would automatically seal some federal marijuana convictions. On Tuesday, Representatives Lisa Blunt Rochester (D-DE) and Guy Reschenthaler (R-PA) introduced a new piece of legislation titled the Clean Slate Act. Under the new bill, individuals with federal cannabis convictions will automatically have their records sealed one year after they have completed their sentence.

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