Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) has announced the acquisition of 100% of Motif Labs Ltd. for CA$90 million ($64 million), comprising of CA$50 million in cash and CA$40 million in Organigram common shares, based on a 30-day trading VWAP of $2.321 on the TSX. An additional CA$10 million contingent consideration is payable in shares, conditional on achieving a share price above $3.2203 within 12 months. The deal is financed through Organigram's cash reserves.
Cannabis producer Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) has closed the second of three tranches of the previously announced CA$124,559,674 ($92.3 million) follow-on strategic equity investment by BT DE Investments Inc., a wholly owned subsidiary of British American Tobacco plc, (NYSE: BTI) on Tuesday. Under the second tranche closing, the investor acquired Organigram's 4,429,740 common shares and 8,463,435 Class A preferred shares at CA$3.2203 per share, for gross proceeds of $30.8 million. The company said on Tuesday that 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 February 28, 2025.
In late July, nearly three months after New York Governor Kathy Hochul fired Chris Alexander, the former head of the state's Office of Cannabis Management (OCM), following an internal review, a series of high-level departures made headlines.Connecticut Social Equity Council (SEC), which manages social equity activity for the state's recreational marijuana market, got a new executive director earlier this month. Brandon McGee, who previously worked on Gov. Ned Lamont's reelection in 2022, replaced Ginne-Rae Clay, reported Marijuana Business Daily citing CT Insider.Canopy Growth Corporation and Curaleaf Holdings, Inc. announced CEO shake-ups.
Cannabis producer Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) announced on Tuesday results for the third quarter ended June 30, 2024, revealing its net revenue increased 25% year-over-year to CA$41.1 million ($29.9 million). Beena Goldenberg, the company's CEO, praised the revenue milestone. "We are pleased to report a strong third quarter, highlighted by a 25% year-over-year increase in net revenue, and a significant improvement in adjusted EBITDA", Goldenberg said. In May, Organigram announced its second international medical cannabis customer in the UK, Avida Medical, a full-service medical cannabis and special medicines manufacturing business. In June, the company announced a strategic investment aimed at expanding its presence within Germany, one of the burgeoning European cannabis markets.
Medical cannabis company IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC), with operations in Israel and Germany, will report operational and financial results for the second quarter of 2024 ended June 30, 2024, on Wednesday, Aug. 14, 2024. cbdMD, Inc. (NYSE: YCBD) said it will host a conference call at 4:20 pm Eastern Time, on Wednesday, Aug. 14, 2024, to discuss the company's June 30, 2024 third quarter of fiscal 2024 financial results and business progress. Canadian cannabis producer and distributor Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) (FSE:4WE) its second quarter 2024 financial results will be released after market close on Monday, Aug. 26, 2024. The company will host a conference call to discuss the results and provide an operational update and recap of achievements on Tuesday, Aug. 27, 2024. Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent company of Organigram Inc. will report earnings results for its third quarter fiscal 2024 ended June 30, 2024, on Tuesday, Aug. 13, 2024, before market open. The company will host a conference call to discuss its results with details the same day at 8:00 am Eastern Time.
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) announced on Tuesday a strategic investment aimed at expanding its presence within the burgeoning European cannabis market. The Toronto-based company will utilize proceeds from its Jupiter strategic investment pool and invest €14 million ($15 million) initially. The sum includes €11.5 million via an unsecured convertible note and €2.5 million to purchase equity interests from existing Sanity Group founders and shareholders providing Organigram with a minority stake in Berlin-based cannabis company Sanity Group GmbH. Concurrent with the investment, Organigram and Sanity Group have entered into a new supply agreement to include significantly higher volumes and the intention to work together on the commercialization of Organigram's brands and intellectual property in Germany.
Germany's recent legislative push in the cannabis sector marks a significant turning point not only for the country but also for the European cannabis landscape. Europe has become more open-minded about medical and recreational marijuana over the recent years which is why the growing number of the North American cannabis operators that opted to venture into the new market doesn't come as a surprise. On Tuesday, Toronto-based cannabis giant Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) announced its second international medical cannabis customer in the UK, Avida Medical, a full-service medical cannabis and specials medicines manufacturing business.In the meantime, this week, Canadian cannabis brand Ghost Drops, announced an exclusive partnership with SOMAÍ Group, an international cannabinoid biopharma company with distribution channels.
Canadian cannabis producer Organigram reported a 16% decrease in net revenue for Q1 2024 due to a reduction in international revenue and medical sales. The company announced in November that it had received a CA$124.6m ($93m) strategic equity investment from BT DE Investments, a subsidiary of tobacco company British American Tobacco. Organigram shareholders approved the investment in January, and the company completed the first tranche of the investment for $41.5m. CEO Beena Goldenberg said the investment had removed a significant amount of risk from Organigram's business and enhanced its competitive advantages. The investment allows the cannabis producer to utilize its facilities, research and development capabilities, and market leadership to expand its reach within the Canadian market and beyond. Organigram's Q1 financial highlights included a drop in gross margin, an increase in selling and administrative expenses, a net loss of CA$15.8m, and positive adjusted EBITDA of CA$135,000.
In cannabis sector news Flora Growth Corp. CEO Clifford Starke was elected as chairman of US Hemp Roundtable and Illinois Gov. J.B. Pritzker announces new appointments, including Teresa Ramirez, among other items.
Sanity Group, a German cannabis company, has received its first shipment of bulk dried flower from Canadian producer Organigram Holdings. Also in the European market, Village Farms International has begun building its first indoor cannabis-growing facility in the Netherlands through its Dutch subsidiary Leli Holland.
This month, the Indigenous Cannabis Industry Association held its first Indigenous Cannabis Regulators roundtable, bringing together Indigenous Cannabis Regulators from Tribal Nations and Indigenous-led cannabis organizations across the United States to discuss community-oriented approaches to hemp and cannabis regulation. The event was part of the association's annual National Indigenous Cannabis Policy Summit, which aims to promote economic benefits and professional development for Indigenous communities through responsible, community-oriented planning around cannabis. Meanwhile, trade show and media company Emerald Holding has promoted Emilie Lewis to senior vice president, where she will oversee marketing, audience, and content strategy for Marijuana Business Daily. The move comes following the departure of former MJBiz senior vice president Pam Moore. Additionally, several cannabis companies have reported board shake-ups, while Trulieve Cannabis and Organigram Holdings have named new chief financial officers.
Canadian cannabis producer Organigram Holdings reported an 11% year-over-year increase in net revenue for the fourth quarter, reaching C$A161.6 million ($121 million). The company credited the growth to its focus on innovative products that meet consumer demand for convenience, such as pre-rolls and edibles. The increase in revenue contributed to a 71% rise in adjusted EBITDA to nearly CA$6m for the quarter, compared with the same period in 2022. Organigram's adjusted gross margin was CA$40.2m, up 20% on 2022. The company also reported a net loss of CA$248.6m, compared with CA$14.3m in 2022, due to impairments on property, plant and equipment, intangibles and goodwill. Organigram said it expects improved margins in future as efficiency gains from facility upgrades and expansion into higher-margin categories such as craft flower and vapes bear fruit.
Canadian cannabis company Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) announced on Monday a CA$124.6 million ($91.2 million) follow-on strategic equity investment from BT DE Investments Inc., a wholly-owned subsidiary of tobacco giant
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) has introduced its inaugural line of THCV products under the SHRED and Trailblazer brands. The company has invested strategically in Phylos Bioscience, a leading US-based cannabis genetics company to secure a competitive edge in the cannabis sector.
Cannabis company Organigram Holdings Inc. (NASDAQ:OGI) (TSX:OGI) posted second-quarter earnings last week, with gross revenue dropping 29% year-over-year to around CA$19.3...
