10:00 AM EST, 12/06/2024 (MT Newswires) -- Organigram Holdings ( OGI ) said Friday that it has acquired Motif Labs for upfront consideration of 90 million Canadian dollars ($63.7 million), comprising CA$50 million in cash and CA$40 million of Organigram ( OGI ) common shares.

Motif shareholders will also be entitled to get additional contingent consideration of CA$10 million payable in Organigram ( OGI ) shares, subject to certain conditions, Organigram ( OGI ) said.

The acquisition of Motif makes Organigram ( OGI ) the largest cannabis company in Canada by market share, Organigram's ( OGI ) chief executive officer, Beena Goldenberg, said.