For years, the cannabis industry has been the purview of entrepreneurs and those willing to operate in gray areas — those willing to take some measure of risk to recover the premium on that risk. As cannabis has become legal for medical and/or adult use under the law of 80% of the states, it is inevitable that less risk-averse players would enter the space — and, eventually, that major players would seek a piece of the ever-growing pie.

True to form, word recently began circulating that tobacco giant Philip Morris International Inc. has agreed to purchase Israeli cannabis technology company Syqe Medical Ltd. for a whopping $650 million if Syqe obtains certain approval from the U.S. Food and Drug Administration.

Originally published by Law360 - August 30, 2023.