Multinational pharmaceutical and biotechnology corporation Pfizer, has entered the medical cannabis industry, signing a contract with the clinical-stage company Arena Pharmaceuticals.

Arena Pharmaceuticals has developed an up-and-coming cannabinoid-based bowel disease treatment.

Pfizer’s Global President of Inflammation and Immunization and Immunology explained,

“The proposed acquisition of Arena complements our capabilities and expertise in Inflammation and Immunology, a Pfizer innovation engine developing potential therapies for patients with debilitating immuno-inflammatory diseases with a need for more effective treatment options,”