Organigram Announces Achievement of Earnout by The Edibles and Infusions Corporation
TORONTO — Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), (the “Company” or “Organigram”), a leading licensed producer of cannabis, announced today that its wholly-owned subsidiary, The Edibles and Infusions Corporation (“EIC”) has met certain of the remaining earnout milestones that formed part of the terms of its acquisition in April, 2021. Organigram acquired EIC in April 2021 for consideration of $22 million plus up to an additional $13 million in share consideration based on the achievement of certain milestones. In September 2021, the Company issued 1,039,192 common shares to the vendors in that acquisition (the “Vendors”) as consideration for the first milestone earnout representing $3.5 million in consideration. Effective today, Organigram has issued an additional 7,943,107 common shares to the vendors representing $5 million in consideration for achievement of a second and final milestone. This represents total earnout consideration for the acquisition of $8.5 million. U...