By Adriano Marchese
OrganiGram Holdings said it has acquired cannabis brand Motif Labs for 90 million Canadian dollars ($64.2 million), expanding its footprint in the Canadian cannabis market.
The Canadian cannabis producer said Friday the acquisition of Motif is complementary to its business, especially in the vape category while also accelerating the company's market share in the infused pre-roll segment.
OrganiGram said the combination creates a company with a top market share position in the Canadian recreational cannabis market.
It will pay a combination of C$50 million in cash and C$40 million in common shares at C$2.3210 apiece.
Motif shareholders also will be entitled to receive an extra C$10 million in shares conditional on OrganiGram achieving a price per share exceeding C$3.2203 each.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 06, 2024 09:51 ET (14:51 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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