Organigram Holdings Inc. OGI OGI has expanded its global footprint by entering into a supply agreement to provide dried medical cannabis flower to 4C LABS, a healthcare, technology, and pharmaceutical company focused on virtual prescribing, pharmaceutical distribution, and clinical development of cannabis-based products for human health in the United Kingdom.
The Deal
Under the terms of the agreement, the Toronto-based company expects to supply roughly 600 kilograms of high-quality, indoor-grown dried flower product to 4C LABS within the first year of the agreement and grant it strain exclusivity within the geographical boundaries of the United Kingdom and the Channel Islands for as long as minimum purchase commitments are satisfied.
Beena Goldenberg, CEO of Organigram, said the company is thrilled with the new partnership.
“Medical cannabis has been legal in the UK since 2018,” she said. “However, due to significant energy cost premiums compared to Canada, access to consistent, high-quality products in this market is limited, making importing medical cannabis an attractive option for this growing market.”
Meanwhile, Organigram entered into a supply agreement for dried cannabis flower earlier this year with the medical division of German cannabis company Sanity Group. Through exports from its cultivation facility in Moncton, Organigram already services medical patients in Israel and Australia.
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Price Action
Organigram’s shares traded 1.4706% lower at $1.34 per share at the time of writing on Tuesday morning.
Photo: Courtesy of Iryna Rahalskaya on Shutterstock
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