Today (March 28), the Campaign for Tobacco-Free Kids launched a new advertising initiative, “End the Formula,” ahead of the May 3 Miami Grand Prix, calling on Formula 1 to eliminate all tobacco-related sponsorships. The campaign targets partnerships between major F1 teams and companies, including Philip Morris International and British American Tobacco, which promote nicotine pouch and e-cigarette brands such as Zyn, Velo, and Vuse through branding on cars, driver apparel, and digital media. The campaign ties into similar efforts that began in March, which included ads, coordinated outreach with 162 organizations across 57 countries, and more than 25,000 petition messages urging F1 and affiliated partners to end these sponsorship arrangements.
Tag: British American Tobacco
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BAT Calls Pakistan Largest Illicit Cigarette Market
British American Tobacco (BAT) says Pakistan has become the world’s largest illicit cigarette market, with illegal products accounting for roughly 55–58% of consumption. Simon Trussler, BAT’s Group Head of International Trade and Fiscal Affairs, said steep tax increases in recent years have widened the price gap between legal and illicit cigarettes—now around half the price—driving consumers toward untaxed products while overall consumption remains broadly unchanged at about 80 billion sticks annually.
BAT said higher taxes have failed to deliver expected revenue gains and instead have fueled domestic illicit production, which accounts for the majority of illegal supply. The company called for a more stable excise policy alongside sustained enforcement across the supply chain, noting recent seizures and factory closures as signs of increased government action.
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BAT Names Constantinescu as CFO
British American Tobacco announced the appointment of Dragos Constantinescu as Chief Financial Officer and Executive Director, effective 1 September 2026. Constantinescu, currently CEO of Asahi Europe & International, previously spent 16 years at BAT in senior finance and management roles across Europe. He succeeds Javed Iqbal, who will remain as Director of Digital & Information after serving as Interim CFO.
BAT Chair Luc Jobin highlighted Constantinescu’s financial expertise and international leadership experience, while CEO Tadeu Marroco noted his knowledge of BAT will support the company’s ongoing transformation and growth strategy.
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BAT Malaysia to Trim Workforce
British American Tobacco Malaysia Bhd said it may reduce its workforce as part of an operational “optimization” linked to the rollout of a new route-to-market distribution model from July 1. In a filing today (March 31), the company said affected employees would receive statutory and contractual entitlements, including retrenchment benefits where applicable. BAT Malaysia reported 283 employees in its 2024 annual report, but the filing did not specify how many roles could be impacted. The company said the move is intended to align staffing with future operating requirements and follows a shift begun in 2022 toward allowing retailers to place orders through online channels, sales representatives, or call centers, a model it previously said could reduce costs by 20% to 25%.
The announcement comes amid tighter regulation of tobacco products in Malaysia, including a reported plan for a nationwide vape ban starting with disposable products, a 42.8% excise duty increase on tobacco and heated tobacco products under Budget 2026, new pictorial health warnings, and a ban on retail cigarette displays. The Control of Smoking Products for Public Health Act, which took effect in 2024, prohibits the sale of tobacco and vape products to individuals under 18. Shares of BAT Malaysia last traded at RM5.65 ($1.41) at today’s noon break, valuing the company at RM1.61 billion ($403 million).
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Charlotte’s Web Announces Financials, Deal with BAT
Charlotte’s Web Holdings, Inc. announced a transaction with BT DE Investments yesterday (March 30), a subsidiary of British American Tobacco, to convert a $54.2 million convertible debenture plus accrued interest into equity at $0.68 per share and complete a concurrent $10 million private placement, resulting in the issuance of about 110 million shares and a total equity commitment of roughly $75 million. The deal would eliminate about $65 million in debt, stop future interest accrual, and leave the company with no long-term debt, subject to shareholder and TSX approval at a meeting planned for May 28, 2026.
Today (March 31), the company released its 2025 financials and said it advanced product innovation, in-house manufacturing, and healthcare channel development while holding annual revenue broadly steady at $49.9 million. Fourth-quarter revenue rose 4.7% year over year to $13.3 million, supported by new Brightside low-dose hemp THC gummies, sleep products, functional mushrooms, and minor cannabinoids, though gross margin was affected by a one-time inventory charge tied to legacy gummies. Full-year gross margin improved to 43.5% and SG&A fell 21% to $42 million following cost reductions, narrowing the operating loss to $20.3 million from $32 million in 2024. The company ended the year with $8 million in cash and reported progress toward internalizing gummy production, achieving a clean NSF 455-2 cGMP audit, and establishing a Scientific Advisory Board to support its expanding medical practitioner channel.
Charlotte’s Web said the strengthened balance sheet will support its planned participation in a Centers for Medicare & Medicaid Innovation pilot enabling access to hemp-derived CBD products for Medicare beneficiaries and ongoing clinical development by DeFloria, its joint venture with BAT and Ajna BioSciences, which is preparing to begin Phase 2 trials of a botanical CBD-based treatment candidate in mid-2026.
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Organigram Shares Results of AGM, Gains Approval for Sanity Acquisition
Shareholders of Organigram Global Inc. overwhelmingly approved the company’s proposed acquisition of Germany-based Sanity Group GmbH and a related private placement with British American Tobacco subsidiary BT DE Investments at a meeting held on March 30. The transaction resolution passed with 93% of votes cast, excluding shares associated with BAT, and authorizes Organigram to issue up to 96.3 million common shares to Sanity Group shareholders and BAT in connection with the deal.
The acquisition, expected to close in April subject to customary conditions, is positioned to expand Organigram’s presence from its leading position in Canada’s adult-use market into the German medical cannabis sector and establish a broader European operational footprint. Shareholders also approved the election of 10 directors, the reappointment of PricewaterhouseCoopers LLP as auditor, and the approval of unallocated awards under the company’s long-term equity incentive plan.
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BAT Announces May 2026 Dividend
British American Tobacco p.l.c. announced its interim dividend for the year ended December 31, 2025, payable in four quarterly instalments. The first payment, the May Dividend, of 61.26p ($0.81) per ordinary share, will be paid on May 7 to shareholders on the U.K. main register and the South Africa branch register as of March 27. For South African branch shareholders, the dividend is payable in rand at a rate of £1 = R22.3938, resulting in a gross dividend of 1,371.84 SA cents per share, with 20% dividends tax withheld, leaving a net payment of 1,097.48 SA cents per share. The dividend is considered a foreign dividend for South African tax purposes, sourced from the U.K.
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BAT Publishes AGM 2026 Notice
Today (March 10), British American Tobacco published its Notice of Annual General Meeting 2026 and related documents on its website ahead of the AGM scheduled for April 15. Shareholders can access the 2025 Combined Annual and Sustainability Report, performance summaries, AGM Notice, and proxy forms online.
For South African shareholders, the last day to trade is April 7, with the Record Date set for April 10. All documents are also available via the UK National Storage Mechanism in compliance with listing rules.
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BAT Facing UK Lawsuit Over North Korea Sanctions
British American Tobacco is facing a London High Court lawsuit from over 100 current and former shareholders who allege the company failed to properly disclose to markets its breaches of U.S. sanctions related to business in North Korea, Reuters is reporting. The claims follow BAT’s 2023 settlement with U.S. authorities, in which a subsidiary admitted to conspiring to violate sanctions and commit bank fraud by selling tobacco products to North Korea between 2007 and 2017, resulting in a $635 million payment. The lawsuit, filed on February 27, accuses BAT of withholding information about its North Korea operations for over a decade, though the value of the claim and further details have not been disclosed.
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BAT Uganda Points to Illicits for 18% Revenue Drop
British American Tobacco Uganda Ltd. reported an 18% drop in gross revenue to Shs 67 billion ($18.1 million) for fiscal 2025, citing a surge in illicit cigarette sales, according to audited results. Net revenue fell 21% to Shs 36.3 billion ($9.8 million), while total comprehensive income declined 19% to Shs 9.8 billion ($2.6 million). The company attributed the decline to rising tax-evaded cigarette consumption, which research shows reached 45% of the market by December 2025, up from 34% the previous year — equivalent to an estimated Shs 53 billion ($14.3 million) loss in government revenue. Operating costs fell 21% to Shs 24 billion ($6.5 million), but net asset value dropped sharply to Shs 32.5 billion ($8.8 million) from Shs 49.3 billion ($13.3 million) in 2024.
Despite the downturn, BAT Uganda’s tax contributions rose 4% to Shs 46.4 billion ($12.5 million), aided by capital gains from the sale of a non-strategic asset. The board proposed a final dividend of Shs 199 ($0.054) per share, down 5% from 2024, payable July 31 to shareholders on record as of July 24. Company secretary Paul Mbuga emphasized the need for a multi-agency government response, particularly at the South Sudan border, to combat illicit imports, noting that contraband cigarettes often bypass digital tax stamps and health warnings, undercutting prices and presenting public health risks.