Hunchbackgeek
2 months ago
Organigram Applauds the Standing Committee on Finance’s Recommendation on Excise Duty
February 28th, 2024
https://www.organigram.ca/press-releases/organigram-applauds-the-standing-committee-on-finances-recommendation-on-excise-1
Revised Excise Framework Remains One of the Most Critical Reforms Required to Ensure the Long-Term Viability of the Cannabis Industry
Toronto, Ontario – February 28, 2024 - Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), (the “Company” or “Organigram”) enthusiastically supports the Standing Committee on Finance’s recent recommendation on the Excise Duty framework.
In a recently released report, titled ‘Shaping our Economic Future: Canadian Priorities,’ the House of Commons Standing Committee on Finance has unanimously recommended adjusting the excise duty formula for cannabis so that it is limited to a 10% ad valorem rate, and modifying the duty's operation, including applying excise stamps on cannabis products.
Based on a survey conducted by the Cannabis Council of Canada, licensed producers currently pay up to 35% of top-line revenue in excise duties because of an erroneous assumption at the time of legalization that the price of cannabis flower would be approximately $10 per gram to the retail consumer. In reality, the price per gram of cannabis flower has fallen to as low as approximately $3 per gram, limiting cannabis companies’ ability to remain competitive on pricing, invest in innovation, retain jobs, and ultimately support the government’s stated objectives of illicit market conversion and promoting public health and safety.
“The pre-budget recommendation could not have come at a better time.” said Beena Goldenberg, CEO of Organigram. “Excise reform is critical to the long-term viability of the Canadian cannabis industry. The positive impact of the proposed reduction to a 10% ad valorem rate on the sustainability of the sector cannot be underestimated. We sincerely hope that the recommendation made by the Finance Committee is adopted by the Federal, Provincial and Territorial governments so that Canada can retain its position as global leader in the emerging cannabis movement.”
“We are also encouraged by recent reports indicating that the CRA is taking proactive measures to level the playing field by collecting more diligently from LPs who have fallen behind on their remittances for excise duties”, added Beena.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a NASDAQ Global Select Market and TSX listed company whose wholly owned subsidiaries include Organigram Inc. a licensed producer of cannabis, cannabis-derived products and cannabis infused edibles in Canada.
Organigram is focused on producing high-quality, cannabis for patients and adult recreational consumers, as well as developing international business partnerships to extend the Company’s global footprint. Organigram has also developed and acquired a portfolio of legal adult-use recreational cannabis brands, including Edison, Holy Mountain, Big Bag O’ Buds, SHRED, SHRED’ems, Monjour, Laurentian, Tremblant Cannabis and Trailblazer. Organigram operates facilities in Moncton, New Brunswick and Lac-Supérieur, Quebec, with a dedicated edibles manufacturing facility in Winnipeg, Manitoba. The Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).
Forward-Looking Information
This news release contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, events, performance or achievements of Organigram to differ materially from current expectations or future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information include adoption of budget recommendations and timing thereof, changes to market conditions, consumer preferences and regulatory climate and factors and risks as disclosed in the Company’s most recent annual information form, management’s discussion and analysis and other Company documents filed from time to time on SEDAR (see www.sedar.com) and filed or furnished to the Securities and Exchange Commission on EDGAR (see www.sec.gov). 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. The forward-looking information included in this news release are made as of the date of this news release and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
For Media enquiries:
Megan McCrae
Senior Vice President, Global Brands and Corporate Affairs
megan.mccrae@organigram.ca
Organigram
Hunchbackgeek
3 months ago
Organigram Announces the First Tranche Closing from BAT Investment January 24th, 2024
TORONTO, Ontario – January 24, 2024 – Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), (the “Company” or “Organigram”), a leading licensed producer of cannabis, announced today that it has closed the first of three tranches of the previously announced C$124,559,674 follow-on strategic equity investment (the “Investment”) by BT DE Investments Inc. (the “Investor”), a wholly owned subsidiary of British American Tobacco plc (“BAT”). Pursuant to the first tranche closing, the Investor acquired 12,893,175 common shares of the Company at a price of C$3.2203 per share (the “Per Share Price”) for gross proceeds of C$41,519,891. The remaining 25,786,350 shares subscribed for shall be issued at the Per Share Price in two further equal tranches on or around August 30, 2024 and February 28, 2025.
“With this transformational deal now formally approved by shareholders and with the first tranche funded, we look forward to delivering on our objectives of geographic and technological growth as well as product expansion,” said Paolo De Luca, Chief Strategy Officer of Organigram. “Since we announced this transaction on November 6, 2023 we have seen tremendous interest from cannabis companies looking for strategic partnership opportunities and growth capital. Organigram, with its strong balance sheet and dedicated Jupiter capital pool, is uniquely positioned to take advantage of a growing set of emerging opportunities”.
“Jupiter” Strategic Investment Pool Will Accelerate Organigram’s Growth Ambitions
The majority of the C$124.6 million Investment will be used by Organigram to create a strategic investment pool, named Jupiter. Jupiter will target investments in emerging cannabis opportunities that will enable Organigram to apply its industry-leading capabilities to new markets. Management has identified that geographic expansion is a strategic priority and this opportunity presents the Company with the capital to lay global foundations as the legal recreational cannabis market continues to see significant growth. Organigram maintains the highest level of regulatory and product stewardship and will continue to monitor the cannabis regulatory environment carefully. As a result, all potential investments will undertake rigorous legal compliance and due diligence processes.
Organigram has 10 years of experience within the Canadian cannabis market and has already made several successful cannabis investments. The acquisition and integration of the Edibles and Infusions Corporation, Laurentian Organics Inc., and more recently, its investment in Phylos Bioscience Inc. has propelled Organigram to a market leadership position in gummies and hash, as well as enabling the Company to be first to launch THCV products in Canada. This proven track record combined with Organigram’s industry knowledge can now be applied at a larger scale through Jupiter.
Amended and Restated Investor Rights Agreement
In connection with the first tranche closing, the Company and the Investor entered into an amended and restated investor rights agreement (the “Amended & Restated IRA”), which amended and restated the current investor rights agreement dated March 10, 2021 between the Company and the Investor. The Amended & Restated IRA, among other things, grants the Investor certain customary registration rights, pre-emptive rights, top-up rights, information rights, consent rights and nomination rights. A copy of the Amended & Restated IRA will be available under the Company’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
Further details relating to the Investment can be found in the press release issued by the Company on November 6, 2023 and the Company’s management information circular dated December 20, 2023 (the “Circular”).
About Organigram Holdings Inc.
Organigram Holdings Inc. is a NASDAQ Global Select Market and TSX listed company whose wholly owned subsidiaries include Organigram Inc. a licensed producer of cannabis, cannabis-derived products and cannabis infused edibles in Canada.
Organigram is focused on producing high-quality cannabis for patients and adult recreational consumers, as well as developing international business partnerships to extend the Company's global footprint. Organigram has also developed and acquired a portfolio of legal adult-use recreational cannabis brands, including Edison, Holy Mountain, Big Bag O’ Buds, SHRED, SHRED’ems, Monjour, Laurentian, Tremblant Cannabis and Trailblazer. Organigram operates facilities in Moncton, New Brunswick and Lac-Supérieur, Quebec, with a dedicated edibles manufacturing facility in Winnipeg, Manitoba. The Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).
Forward-Looking Information
This news release contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, events, performance or achievements of Organigram to differ materially from current expectations or future results, performance or achievements expressed or implied by the forward-looking information contained in this news release.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information include factors and risks disclosed in the Circular, and the Company’s most recent annual information form, management’s discussion and analysis and other Company documents filed from time to time on SEDAR+ (see www.sedarplus.ca) and filed or furnished to the Securities and Exchange Commission on EDGAR (see www.sec.gov). 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. The forward-looking information included in this news release are made as of the date of this news release and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
For Investor Relations enquiries:
Max Schwartz, Director of Investor Relations
investors@organigram.ca
For Media enquiries:
Megan McCrae, Senior Vice President – Marketing and Communications
megan.mccrae@organigram.ca
SOURCE: https://www.organigram.ca/press-releases/organigram-announces-the-first-tranche-closing-from-bat-investment
.
Hunchbackgeek
4 months ago
Organigram Announces Mailing of Management Information Circular in Connection with Annual General and Special Meeting
Special Meeting to Approve $124.6 Million Investment from BAT at $3.2203/share and Creation of “Jupiter” Strategic Investment Pool
SOURCE: https://www.organigram.ca/press-releases/organigram-announces-mailing-of-management-information-circular-in-connection-with
TORONTO, Ontario – December 29, 2023 – Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), (the “Company” or “Organigram”), a leading licensed producer of cannabis, announced today that it has mailed and filed a management information circular (the “Circular”) and related materials (the “Meeting Materials”) for its annual and special meeting (the “Meeting”) of the holders of its common shares (the “Shareholders”) to be held on January 18, 2024. In addition to routine annual business to be conducted (including the election of directors and the appointment of an auditor), Shareholders at the Meeting will be asked to approve the previously announced proposed C$124.6 million follow-on strategic equity investment in the Company (the “Investment”) from BT DE Investments Inc. (the “Investor”), a wholly owned subsidiary of British American Tobacco plc (“BAT”). The Investment is to be completed in three tranches, each subject to the satisfaction of certain closing conditions, which include (among other things), clearance under the Competition Act (satisfied on November 23, 2023), applicable stock exchange approval (TSX conditional approval of the Investment received on December 19, 2023), and the requisite approval of the Shareholders at the Meeting.
Information about the Meeting
The Meeting will be held in a virtual-only format via live audio webcast at https://virtual-meetings.tsxtrust.com/en/1576 on Thursday, January 18, 2024 at 10:00 a.m. (Toronto Time). Instructions as to how to attend the Meeting and to vote are set out in the Meeting Materials mailed to Shareholders.
Reasons to Support the Investment
In making its recommendation that Shareholders vote to approve the Investment, the board of directors of the Company (the “Board”) carefully considered a number of factors, including the factors summarized below (which are set out in full in and qualified in their entirety by reference to the
Circular):
Provides Substantial Financial Capital to Invest in Growth Opportunities through the Jupiter Pool. If the Investment closes, the aggregate subscription price payable by the Investor to the Company over the course of three tranches will be approximately C$124.6 million. The majority of the Investment will be used by Organigram to create the “Jupiter Pool”, a strategic investment pool which will target investments in emerging opportunities.
Builds on the Foundations of the Product Development Collaboration. In March 2021, Organigram and the Investor entered into a Product Development Collaboration Agreement, which was established to leverage the expertise of both companies to develop the next generation of non-combustible cannabis products. The Investor’s increased support of Organigram will accelerate the parties’ focus on innovative cannabis science and R&D outside of combustibles, with developments including a suite of emulsions, novel vapour formulations, flavour innovations, and packaging solutions.
Offers Capitalization Today at a Premium to the Common Share Trading Price, allowing the Company to avoid Future Dilution. The Investor is acquiring the Shares at a price of C$3.2203 per share, which represented a premium to the closing price of the Company’s Common Shares on November 3, 2023 (being the last trading day prior to announcement of the Investment).
Expands Partnership with BAT, a Global Leading Multi-Category Consumer Goods Business. While the Investor currently holds an 18.8% equity stake in the Company, the Investment would result in the Investor holding a significantly larger voting interest of 30.0% and an approximate 45.0% overall equity interest.
Shareholder Approval. The Investment will not be completed unless the Investment is approved by Shareholders, including the approval by not less than a majority of the votes cast at the Meeting by the disinterested shareholders in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions and the TSX Company Manual.
BAT’s Certainty to Provide Financing. Relative to other capital raising alternatives, in either debt or future equity markets, the Board is confident in the Investor’s ability to finance and close the Investment.
Likelihood of Closing. The obligation of the Investor to complete the Investment is subject to a limited number of closing conditions (and the Competition Act Closing Condition (as defined and described in the Circular) has already been satisfied) and is not subject to any financing condition.
The Investor’s Covenants in Favour of Organigram. For a period of two years following the date of the Amended & Restated IRA (as defined in the Circular) to be entered into by the Company and the Investor upon the closing of the first tranche, the Investor will not, without the consent of the Company, subject to certain exceptions, directly or indirectly, or jointly or in concert with any other person: acquire any additional securities of the Company or its subsidiaries, enter into any acquisition of or business combination involving the Company or its subsidiaries, solicit proxies from the Shareholders or otherwise attempt to influence the conduct of the Shareholders, make any public announcement or take any action with respect to the foregoing, or advise, assist or encourage any other person to do, or take any action inconsistent with, any of the foregoing. Further, for one year following the date of the Amended & Restated IRA, the Investor will not transfer its shares of the Company, subject to certain exceptions. These covenants in favour of the Company are intended to provide market stability and preserve the value of the shares.
Shareholder Questions and Voting Assistance
Shareholders who have questions or need assistance with voting their shares should contact the Company’s Director of Investor Relations, by telephone at (416) 706-3945 or by email at investors@organigram.ca.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a NASDAQ Global Select Market and TSX listed company whose wholly owned subsidiaries include Organigram Inc. a licensed producer of cannabis, cannabis-derived products and cannabis infused edibles in Canada.
Organigram is focused on producing high-quality cannabis for patients and adult recreational consumers, as well as developing international business partnerships to extend the Company's global footprint. Organigram has also developed and acquired a portfolio of legal adult-use recreational cannabis brands, including Edison, Holy Mountain, Big Bag O’ Buds, SHRED, SHRED’ems, Monjour, Laurentian, Tremblant Cannabis and Trailblazer. Organigram operates facilities in Moncton, New Brunswick and Lac-Supérieur, Quebec, with a dedicated edibles manufacturing facility in Winnipeg, Manitoba. The Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).
Forward-Looking Information
This news release contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, events, performance or achievements of Organigram to differ materially from current expectations or future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information include changes to market conditions, consumer preferences and regulatory climate, and factors and risks as disclosed in the Circular, and the Company’s most recent annual information form, management’s discussion and analysis and other Company documents filed from time to time on SEDAR+ (see www.sedarplus.ca) and filed or furnished to the Securities and Exchange Commission on EDGAR (see www.sec.gov). 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. Such assumptions include, without limitation, the receipt of the requisite approval from Shareholders, applicable stock exchange approval, that all conditions to the closing of the Investment will be satisfied, that the Investment will be completed on the terms set forth in the subscription agreement dated November 5, 2023 by and among the Investor and the Company, and that all three tranches of the Investment will close. The forward-looking information included in this news release is provided as of the date of this news release and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
For Investor Relations enquiries:
Max Schwartz, Director of Investor Relations
investors@organigram.ca
For Media enquiries:
Megan McCrae, Senior Vice President – Marketing and Communications
megan.mccrae@organigram.ca
Hunchbackgeek
5 months ago
November 10th, 2023
Organigram Announces Interim Chief Financial Officer SOURCE: https://organigram.ca/press-releases/organigram-announces-interim-chief-financial-officer-0
TORONTO, Ontario - November 10, 2023, The Board of Directors (the “Board”) of Organigram Holdings Inc. (“Organigram” or the “Company”) (TSX: OGI) (NASDAQ: OGI) today announced that Derrick West has informed Organigram that he will transition away from his role as Chief Financial Officer (“CFO”) in order to take time to focus on his health and recovery following surgery later this month.
Paolo De Luca, current Chief Strategy Officer, has been appointed interim CFO effective November 13, 2023, while the Company completes a search for a new permanent CFO. Paolo previously served as the Company’s CFO between 2017 and 2020.
“Derrick has left a legacy of stabilizing our financial processes along with the implementation of our ERP and has supported the Company through a period of high growth including the acquisitions of our Winnipeg and Lac-Supérieur facilities” said Ms. Goldenberg, CEO of Organigram. “We are grateful for his contributions during his time on the board beginning in 2017 and since becoming CFO in 2020 and we wish him well.”
About Organigram Holdings Inc.
Organigram Holdings Inc. is a NASDAQ Global Select Market and TSX listed company whose wholly owned subsidiaries include Organigram Inc. a licensed producer of cannabis, cannabis-derived products and cannabis infused edibles in Canada.
Organigram is focused on producing high-quality cannabis for patients and adult recreational consumers, as well as developing international business partnerships to extend its global footprint. Organigram has also developed and acquired a portfolio of legal adult-use recreational cannabis brands, including Edison, Holy Mountain, Big Bag O’ Buds, SHRED, SHRED’ems, Monjour, Laurentian, Tremblant Cannabis and Trailblazer. Organigram operates facilities in Moncton, New Brunswick and Lac-Supérieur, Quebec, with a dedicated edibles manufacturing facility in Winnipeg, Manitoba. The Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).
Forward-Looking Information
This news release contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, and include statements regarding the search process and anticipated skill set for a permanent CFO. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, events, performance or achievements of Organigram to differ materially from current expectations or future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Such risks include the risk that Organigram may not be able to identify or attract candidates having the desired skill set as permanent CFO on a timely basis or at all, and the factors and risks as disclosed in the Company’s most recent annual information form, management’s discussion and analysis and other Company documents filed from time to time on SEDAR (see www.sedar.com) and filed or furnished to the Securities and Exchange Commission on EDGAR (see www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking information included in this news release are made as of the date of this news release and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Paolo DeLuca, Chief Strategy Officer
paolo.deluca@organigram.ca
(416) 948-3732
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
john1311
3 weeks ago
WALL STREET KID
3 weeks ago
Bazwar6
2 months ago
zig zag
3 months ago
VH Gambler
3 months ago
Hot Features
Premium
