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Organigram Supports Cannabis In Germany With $15M Initial Investment In This Berlin Marijuana Co.

Benzinga ·  Jun 25 23:39

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...

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