Big Tobacco is increasingly poised to become a significant player in the new legal cannabis industry and potentially crowd out smaller businesses. In January 2016, Philip Morris International invested $20 million in Israel-based Syqe Medical that developed a medical cannabis inhaler. In June 2018, Britain’s Imperial Brands invested through its venture arm in Oxford Cannabinoid Technologies, a cannabis-focus biotechnology firm. In December 2018, Altria, which owns the Marlboro brand of cigarettes, invested $1.8 billion in Cronos, a Canada-based multinational cannabis company. [...]