Canadian cannabis producer Organigram Holdings closed on the final of three tranches of an overall investment of 124.6 million Canadian dollars (roughly $87 million) from a wholly owned subsidiary of British American Tobacco.
The British American Tobacco subsidiary, BT DE Investments, acquired about 7.6 million common shares and 5.3 million Class A preferred shares at CA$3.2203 for gross proceeds of CA$41.5 million, according to a news release.
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The funds are being used to finance a strategic investment pool called Jupiter.
The Jupiter pool is designed to accelerate Organigram’s international growth both overseas and in the United States.
Now that the Jupiter fund is fully funded, Organigram has an additional CA$57.8 million to invest, according to Chief Strategy Officer Paolo De Luca.
The
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