Organigram Holdings Inc.(NASDAQ:OGI) (TSX:OGI) announced on Tuesday astrategic investment aimed at expanding its presence within the burgeoning European cannabis market.
What Happened
The Toronto-based company willutilize proceeds from its Jupiter strategic investment pool and invest €14 million ($15 million) initially.The sum includes€11.5 million via an unsecured convertible note and €2.5 million to purchase equity interests from existing Sanity Groupfounders and shareholders providing Organigram with a minority stake in Berlin-based cannabis company Sanity Group GmbH.
Additionally, the company said it will advance another €3 million as a second tranche of the unsecured convertible note for future...