BAT Invests $10 Million in Venture for CBD Brain Drug (Correct)

British American Tobacco has made another investment in cannabis as part of its push to diversify away from cigarettes, this time partnering with CBD firm Charlotte’s Web to develop a drug for an undisclosed neurological condition.

A joint venture of AJNA BioSciences PBC, Charlotte’s Web and a BAT subsidiary plans to seek approval from the US Food and Drug Administration for a treatment made from hemp extract. BAT invested $10 million in the deal. Charlotte’s Web, which BAT invested in last year, and AJNA each own 40% of the entity, while BAT controls the remaining stake, according to a statement ...