British American Tobacco Deepens Charlotte’s Web Bet in $75 Million CBD Deal
British American Tobacco p.l.c. plans to boost its stake in Charlotte’s Web, a U.S. hemp-derived CBD company, to around 40%. According to U.S. filings, BAT aims to convert a C$75.3 million convertible debenture—plus accrued interest—into equity, and kick in an extra $10 million in cash. If the deal goes through, that’s about 110 million Charlotte’s Web shares for BAT. The move deepens the group’s shift away from tobacco and nicotine, coming as BAT signals 2026 results will likely hit the low end of its medium-term range. Back in 2022, BAT called its investment in Charlotte’s Web just another piece of that pivot.