After securing a key relationship with a top tobacco maker, CEO Greg Engel says Organigram Holdings is ready to pursue the US cannabis market. Last Thursday, the Canadian cannabis producer made headlines by confirming a C$221 million strategic investment from British American Tobacco (BAT) The two will also collaborate on product formulations while sharing data and methods. As part of their new collaboration, a research and development hub will be set up to focus on formulation fine-tuning. The money comes with few restrictions, except for a dedicated amount of around C$30 million to be used for what’s known as the “Center of Excellence,” the place the two companies will work on developing novel products. Engel said the rest of the sum can be used for working capital and will put Organigram in a good position to leverage a strategy within Canada and internationally, primarily the US.
Hemp Land, Cannabis Hemp Blog, 03/17/2021 15:57:00
Open article: https://hempland.net/organigram-ceo-bat-deal-not-just-a-strategic-investment/