A British American Tobacco (BTI) subsidiary increased its ownership in Charlotte's Web Holdings Inc. from 19.9% to 40%. Charlotte's Web manufactures hemp-extract wellness products.
This move deepens BAT's investment in the cannabis and CBD market. It aligns with BAT's strategy to diversify from traditional tobacco products.
The increased stake signals BAT's commitment to its 'smokeless' future. This future includes a portfolio of vape and nicotine pouch brands.