Canadian cannabis producer Organigram Holdings closed on the second of three tranches of an overall investment of 124.6 million Canadian dollars ($92 million) from a wholly owned subsidiary of British American Tobacco (BAT).
BT DE Investments, the BAT subsidiary, acquired roughly 4.4 million Organigram common shares and 8.5 million Class A preferred shares at CA$3.2203 per share for gross proceeds of CA$41.5 million, according to a news release.
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The remaining 12,893,175 shares will be issued in the final tranche, scheduled for around Feb. 28.
Organigram is using most of the funds to fund a strategic investment pool called Jupiter, which is designed to accelerate the company’s international growth goals and target investments both overseas and in the United States.
“With two tranches
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