Organigram to Bolster Auto-Flower and Rare Cannabinoid Portfolio with Partial Third Tranche Investment of US $1M into Phylos | OGI Stock News
Summary
This strategic funding supports the growth and diversification of Organigrams offerings with a view to enhancing its market position and appeal to consumers. Already a cultivation leader in high THCV cultivars, Organigram will now pilot higher potency rare cannabinoids such as CBG, CBC and CBDV.--(BUSINESS WIRE)-- Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), (the "Company" or "Organigram"), a leading licensed producer of cannabis, announced today that it has completed an early partial funding of its final third tranche investment into Phylos Bioscience Inc. (Phylos), a cannabis genetics company and provider of production ready seeds, with the remaining portion of the final tranche to be funded upon completion of the newly expanded final milestone.As part of the expanded milestone, Phylos is required to deliver 21 unique auto-flower seed varietals for testing and phenotyping by Organigram no later than September 30, 2024, followed by a second cohort of 21 auto flower seed varietals to be delivered no later than January 31, 2025. The Convertible Loans principal and PIK interest outstanding are convertible into common share equity of Phylos under certain circumstances (including but not limited to federal legalization or decriminalization of cannabis in ).Organigram is a NASDAQ Global Select Market and TSX listed company whose primary wholly owned subsidiary, Organigram Inc., is a licensed producer of cannabis, cannabis-derived products and cannabis-infused edibles in .Organigram is focused on producing high-quality, cannabis for adult recreational consumers, as well as developing international business partnerships to extend the Companys global footprint. Phylos also leverages its proprietary technologies and its cultivation, extraction, and formulation expertise to provide partners with unparalleled Rare Cannabinoid genetics for natural, safe and effective ingredients.This news release contains forward-looking information. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all.