OGI invest in Germany!! As per Globe n Mail $$$$$ Globe says Organigram increases holdings in Europe
2024-06-26 08:26 ET - In the News
The Globe and Mail reports in its Wednesday edition that Organigram Holdings has taken a minority stake in European cannabis company Sanity Group through a $21-million investment. A Canadian Press dispatch to The Globe quotes the Moncton-based cannabis producer saying that it may eventually advance another $4.5-million to Sanity through an unsecured convertible note, which made up the bulk of its initial investment. The investment is meant to help Organigram capitalize on the recent legalization of cannabis in Germany, where Sanity is based and holds a roughly 10-per-cent share of the medical marijuana market. The arrangement could also see the companies deepen their presence in Switzerland, where Sanity is involved in a recreational pot pilot and is expected to invest in distribution channels. The investment expands on a 2023 agreement that saw Organigram supply Sanity with medical cannabis for distribution across the market. Organigram will now be able to appoint a representative to Sanity's board. The company's shares closed Tuesday at $2.02, down 14 cents on the Toronto Stock Exchange.