07:13 AM EST, 03/03/2025 (MT Newswires) -- Organigram Holdings Inc. ( OGI ) , a licensed producer of cannabis trading near 52 week lows in both Canada and the United States, announced Monday that on February 28, 2025, the company closed the third and last of three tranches of the prior announced C$124,559,674 follow-on strategic equity investment by BT DE Investments Inc., a wholly owned subsidiary of British American Tobacco plc.

Pursuant to the third tranche closing, a statement noted, the investor acquired 7,562,447 common shares and 5,330,728 Class A preferred shares of the company at a price of C$3.2203 per Share for gross proceeds of US$28,955,918.44 (equal to C$41,519,891).

"With all three tranches of the Jupiter private placement now funded, Organigram ( OGI ) has approximately C$57.8 million to further invest from its Jupiter strategic investment pool after completing investments of C$21 million in Sanity Group and C$2.7 million in Open Book Extracts," said Paolo De Luca, Chief Strategy Officer of Organigram ( OGI ). "Opportunities in the space have only improved with cannabis valuations at historically weaker levels and many cannabis and hemp companies unable to access cost-efficient growth capital despite fundamentally strong businesses. We look forward to continuing to roll out our international and differentiated product strategy supported by the Jupiter platform."

As previously announced, most of the Investment is being used by Organigram ( OGI ) to fund a strategic investment pool, named 'Jupiter', "designed to accelerate Organigram's ( OGI ) international growth ambitions and targets investments both overseas and in the United States. All potential investments will undertake rigorous legal compliance and due diligence processes."

Immediately following the closing of the Third Tranche, the Investor beneficially owned 40,134,389 Common Shares and 13,794,163 Preferred Shares, representing 30% of the issued and outstanding Common Shares and 100% of the Preferred Shares, in each case on a non-diluted basis.

OGI was up $0.04 or 2.45% at $1.67 -on the TSX last Friday, edging it away from near 52 week lows.