Organigram Supports Cannabis In Germany With $15M Initial Investment In This Berlin Marijuana Co.
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) announced on Tuesday a strategic investment aimed at expanding its presence within the burgeoning European cannabis market. The Toronto-based company will utilize 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 Group founders and shareholders providing Organigram with a minority stake in Berlin-based cannabis company Sanity Group GmbH. Concurrent with the investment, Organigram and Sanity Group have entered into a new supply agreement to include significantly higher volumes and the intention to work together on the commercialization of Organigram's brands and intellectual property in Germany.
