Alliance One International, which trades under the ticker symbol AOI on the NYSE, announced that it is entering the U.S. industrial hemp industry.

The global processor and supplier of tobacco is taking controlling stakes in two Canadian cannabis companies, Island Garden, and Goldleaf Pharm.

The company has a 75% equity stake in Canadaโ€™s Island Garden and a 80% stake in GoldLeaf Pharm.

Alliance made the acquisitions through its wholly owned indirect subsidiary, Canadian Cultivated Products, Ltd.

The transaction costs are not known.

This is the second largest investment across borders by a U.S. traded company into Canada’s legal marijuana sector. Constellation Brands announced last year that it took a stake in Canopy Growth.

Disclaimer: We have no position in Alliance One International, Inc. (NYSE: AOI) and have not been compensated for this article.

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