March 11, 2021
In a consistent move to survive in the world of News Media, Newsweed.com has taken a position in Organigram. Organigram OGI a hot stock. Current Price $3.67 Today as reported in The Wall St. Journal:
Organigram Inc. and BAT also have entered into a product development collaboration agreement which will focus on developing the next generation of cannabis products with an initial focus on CBD. The Center of Excellence will be located at Organigram’s indoor facility in Moncton, New Brunswick, which holds the Health Canada licenses required to conduct research and development activities with cannabis products. Both companies will contribute to scientists, researchers, and product developers. They will be governed and supervised by a steering committee consisting of an equal number of senior members from both companies.
Under the terms of the agreement, both Organigram and BAT have access to certain of each other’s intellectual property and have the right to independently, globally commercialize the products, technologies, and IP created by the Center of Excellence.
Volume for the stock was 35 million shares at 10:20 a.m. ET, compared to its 65-day average volume of 21 million shares. The stock hit its 52-week high of $6.45 on Feb. 11.
Organigram Holdings Inc. shares rose 28% to $3.71 after the company said it received a C$221 million ($175.1 million) strategic investment from a wholly-owned subsidiary of British American Tobacco Plc.
The BAT subsidiary has subscribed for 58.3 million common shares of Organigram, representing a 19.9% equity interest worth C$221 million at a per-share price of C$3.792.
Obtained information via an article by Chris Wack at chris.wack@wsj.com.
A bold new CEO leads BAT Tobacco, Mr. Jack Bowles.
As part of the deal, the companies have entered a product development collaboration agreement and will create a Center of Excellence to work together to develop the next generation of cannabis products, focused initially on CBD. The center will be based at Organigram’s indoor facility in Moncton, New Brunswick, which holds the Health Canada licenses required to conduct R&D on cannabis.
“Both companies will contribute scientists, researchers, and product developers to the Center of Excellence which will be governed and supervised by a steering committee,” the two companies said in a statement.
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