Organigram Holdings Inc. OGI OGI has entered into a product purchase agreement with Green Tank Technologies Corp. and a subscription agreement with Greentank’s parent company, Weekend Holdings Corp.
The purchase agreement provides Organigram with an exclusivity period in Canada for the new technology incorporated into 510 vape cartridges (along with other formats) for use with cannabis, including the development of a custom all-in-one device that will be proprietary to Organigram.
Pursuant to the terms of the subscription agreement Organigram has subscribed for preferred shares for an aggregate subscription price of $4.0 million representing an approximate 2.6% interest in holdings. Organigram’s investment combined with the purchase agreement is expected to transform Organigram’s current and future vapor hardware lineup across its portfolio of recreational brands.
“This investment will enable Organigram to accelerate our performance in the vape category by offering a hardware technology that continues our company’s focus on bringing true innovation to the marketplace. Greentank’s vape technology will introduce a new way of heating cannabis oil without the need for a ceramic coil and will provide consumers with a 510 solution that does not contain ceramic or ceramic particle emissions,” stated Beena Goldenberg, CEO of Organigram. “We are committed to winning in the vape category and with one of the strongest balance sheets in the Canadian industry, we are positioned to make opportunistic strategic investments that will help us differentiate our product offerings to propel our continued growth.”
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