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Medical Cannabis News: Pfizer Enters the Industry With $6 Billion Investment

American pharmaceutical and biotechnology corporation, Pfizer has signed an acquisition agreement with clinical-stage company Arena Pharmaceuticals. The agreement stands at about $6.7 billion and primarily focuses on the development of medical cannabis.

Arena Pharmaceuticals is a biotech company with a sector that focuses on cannabinoid-based therapeutics. Pfizer deal is focused on Arena’s cannabinoid-based treatment that focuses on pain that comes with gastrointestinal disorders. The treatment is an investigational, oral, full agonist that currently has no approval for use by any health authorities.

However, this acquisition by Pfizer can help accelerate Arena’s efforts to finalize and deliver this medication for public consumption. Additionally, Pfizer is now officially in the medical cannabis space along with a few other major pharmaceutical companies.

For instance, Canada’s Johnson & Johnson acquired Canadian cannabis research and development company Avicanna in 2017. Additionally, in 2018 Canadian based Tilray agreed with Swiss pharmaceutical company Novartis AG to distribute and develop its medical cannabis products worldwide.

Moreover, these types of acquisitions set a precedent for the future of both the medical and recreational cannabis sector on a federal level. The interest developing in these big pharmaceutical companies to enter the medical cannabis space is coming from how fast the industry is growing and reaching.

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This article provides general information and shouldn’t be construed as legal or HR advice. Since employment laws may change over time and can vary by location and industry, please consult a lawyer or HR expert for advice specific to your business. You can also contact Payroll Systems to inquire about our HR support services.