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Phillip Morris Buying Israel’s Syqe Medical for $650 Million

Syqe Medical

Syqe Medical

Syqe Medical, an Israeli firm that develops a cannabis inhaler, the world’s first, is being acquired by American corporate behemoth Phillip Morris, best known for its tobacco products. According to Israel’s Calcalist, the deal could be worth as much as $650 million and includes an initial investment of $120 million to support the process of obtaining FDA approval for Syqe’s inhaler.

Medical cannabis is a term for derivatives of the Cannabis sativa plant that are used to ease symptoms caused by certain medical conditions. Medical cannabis is used to treat a variety of conditions, including chronic pain, side effects from treatments like chemotherapy, epilepsy and glaucoma.

Headquartered in Stamford, Connecticut and listed on the New York Stock Exchange (NYSE: PM), Phillip Morris says it is replacing cigarettes with smoke-free products that—while not risk-free—are a better alternative than cigarette smoking.

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“PMI today is an entirely different company to the one I joined,” said Jacek Olczak, CEO of PMI. “Our products, people, and purpose have evolved.”

Founded in 2011 by CEO Perry Davidson, Syqe Medical is an Israeli company that develops technologies for the pharmaceutical administration of raw medicinal plants by inhalation; it has developed the world’s first and only inhaler enabling metered-dose administration of plants, which has the level of precision and safety of a drug. The Syqe inhaler is the world’s first regulatory approved medical device preloaded with a controlled substance. Based in Tel Aviv, Syqe is committed to best-in-class in performance, reliability, and safety. Syqe continues to innovate and scale with the goal of redefining the standard of care and delivering the most effective treatment to patients.

The only metered-dose medical cannabis inhaler that delivers a precise dose of THC and the rest of the active ingredients of raw medical cannabis inflorescence in each inhalation. Syqe Medical boasts that the device is easy to use at the touch of a button. Interface languages: Hebrew/English. Sold with an electrical wall adaptor, micro-USB cable, and mouthpiece.



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