Organigram to Invest $15 Million in German Cannabis Company Sanity Group

MT Newswires Live06-25

Organigram Holdings (OGI) said Tuesday it will invest 14 million euros ($15 million) to acquire a minority stake in German cannabis company Sanity Group.

The investment will initially consist of 11.5 million euros, structured as an unsecured convertible note issued by Sanity Group to Organigram as lender, and 2.5 million euros of already issued equity interests purchased from existing shareholders, the company said.

Organigram said it has an option to invest a further 3 million euros, which would bring its total investment in Sanity Group to 17 million euros.

Meanwhile, the companies have signed a new supply deal to include "significantly higher" volumes and the intention to collaborate on the commercialization of Organigram's brands and intellectual property in Germany, the company said.

Price: 1.56, Change: -0.01, Percent Change: -0.70

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