Shareholders of Organigram Holdings Inc. approved tobacco giant British American Tobacco’s “transformational” investment in the Canadian cannabis producer, the company said following its annual general and special meeting.
The deal, first announced last November, calls for BAT subsidiary BT DE Investments Inc. to invest 124.6 million Canadian dollars ($92.5 million U.S.) in Organigram, deepening the existing partnership between the cannabis company and BAT.
BAT first invested in Organigram in 2021.
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This additional investment will ultimately give BAT a voting common share ownership position of 30% and overall equity interest of 45%.
Most of the money will be used by Organigram to fund a strategic investment pool named Jupiter, which will target investments in emerging cannabis markets.
The first of three tranches of the
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