Organigram Holdings is investing 14 million euros ($14.9 million) in Berlin-based cannabis operator Sanity Group as the Canadian producer seeks expansion in Germany.
According to a news release, the funding from Organigram’s strategic investment pool, named Jupiter, includes:
11.5 million euros via an unsecured convertible note. 2.5 million euros to purchase an equity interest from Sanity Group shareholders, providing the New Brunswick-based producer a minority stake in the company.
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The deal also allows Organigram to initiate an advance of 3 million euros in the unsecured convertible note for future opportunities.
“A meaningful presence in Germany and Europe are essential to achieving our ambitions to be a global cannabis leader,” Organigram Chief Strategy Officer Paolo De Luca said in a statement.
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