Organigram Holdings closed the second of three tranches of a CAD124.56 million ($92.2 million) equity investment by British American Tobacco’s BT DE Investments subsidiary.
Pursuant to the second tranche closing, the investor acquired 4,429,740 common shares and 8,463,435 Class A preferred shares at a price of CAD3.22 per share for gross proceeds of $30.82 million. The remaining 12,893,175 shares subscribed for are due to be issued at the per share price in the final tranche on or around Feb. 28, 2025.
“With two tranches of the Jupiter pool now funded, combined with our strong balance sheet and targeted investment strategy, Organigram is well on its way to executing on its ambitious growth plan focusing on international, technological and product expansion,” said Organigram CEP Paolo De Luca in a statement.
“Our inaugural Jupiter investment in Open Book Extracts marked our second investment in the U.S. market, and our first international investment in Sanity Group represents a significant first step in our ambitions to grow our footprint in the fast-growing German market,” he added.