ORGANIGRAM BUYS MJ EDIBLES MANUFACTURER IN $35M ALL-STOCK DEAL

In #Canada, #Organigram Holdings purchases The #Edibles and Infusions Corporation in an all-#stock deal worth as much as 35 million Canadian dollars. Under the transaction, the New Brunswick-based marijuana producer will pay 22 #million #dollars in shares to fellow Canadian #cannabis company AgraFlora Organics as well as other #investors, with an additional 13 million dollar share payment dependent on certain performance milestones. Organigram, which already owns an infused #chocolates production facility, will gain a 51,000 square foot Winnipeg manufacturing plant through the acquisition, enabling them to expand their product offerings to include other forms of edibles, such as #gummies. This comes as the #THC-infused edibles category continues to amass a greater percentage of market share, with sales in Canada increasing by 150 percent between #March and #September of last year. The purchase represents Organigram’s first deal since receiving a 221 million dollar investment from #British #American Tobacco, and, with EIC’s research capabilities, builds upon the company’s R&D efforts in connection to the global tobacco giant. According to EIC president and co-founder James Fletcher, who is also the CEO of one of Canada’s oldest confectionary companies, Cavalier #Candies, EIC’s #manufacturing facility was designed with EU #GMP certification in mind, opening up opportunities for international product #distribution as well. Organigram expects to begin selling EIC-produced gummies to the Canadian market by the end of #August.

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William Bradley

William Bradley

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