Mentioned AGRA
Organigram acquires cannabis edibles outfit
2021-04-06 09:27 ET - News Release
Shares issued 293,147,699
OGI Close 2021-04-06 C$ 4.14
Ms. Amy Schwalm reports
ORGANIGRAM ACQUIRES SOFT CHEW MANUFACTURER: EDIBLES & INFUSIONS CORPORATION, A CANNABIS PROCESSOR BACKED BY DECADES OF CONFECTIONARY EXPERIENCE
Organigram Holdings Inc. has acquired all of the issued and outstanding shares of The Edibles & Infusions Corp. (EIC) for consideration of $22-million, plus up to an additional $13-million in shares payable upon the EIC business achieving certain earnout milestones. The EIC acquisition further broadens Organigram's continuum of product offerings and provides an operational footprint in Western Canada.
EIC was co-founded by AgraFlora Organics International Inc. and James Fletcher, who is the chief executive officer of Cavalier Candies -- one of Canada's oldest confectionery companies. EIC constructed a purpose-built, highly automated, 51,000-square-foot manufacturing facility located in Winnipeg, Man. The facility employs state-of-the-art equipment designed to produce highly customizable, precise and scalable cannabis-infused products, including edibles. EIC currently holds a research licence and a standard processing licence issued under the Cannabis Act and regulations; it is in the process of completing its application to add the activity of sale of cannabis 2.0 products to its standard processing licence. Until EIC receives its sales licence, it is capable of manufacturing products in bulk for further processing, review and sale by Organigram or third party licensed producers, for which it may provide white-label services.
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