Organigram Holdings has dipped into its strategic investment pool to pick up a minority stake in Roxboro, North Carolina-based Open Book Extracts as part of its plan to target emerging cannabis markets in the United States and elsewhere.
Late last year, British American Tobacco injected 124.6 million Canadian dollars ($92.5 million) into Organigram, the majority of which it pledged for its strategic investment pool, named Jupiter.
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“We are extremely excited to make our first Jupiter pool investment in Open Book Extracts, a company that we’ve had on our radar for quite some time,” Paolo De Luca, Organigram’s chief strategy officer, said in a statement.
Organigram’s investment for a minority position in Open Book Extracts amounts to $2 million (CA$2.7 million) in the
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