06:44 AM EDT, 09/03/2024 (MT Newswires) -- Organigram Holdings ( OGI ) , a licensed producer of cannabis, said on Tuesday that on August 30 it closed the second of three tranches in the previously announced $124.6 million follow-on strategic equity investment by BT DE Investments, a wholly owned subsidiary of British American Tobacco.

BAT acquired 4.4 million Organigram ( OGI ) common shares and 8.4 million Class A preferred shares at $3.22 per share for a total of about $41.52 million. The remaining 12.9 million shares subscribed for are due to be issued at the per share price in the final tranche on or around February 28, 2025.

"With two tranches of the Jupiter pool now funded, combined with our strong balance sheet and targeted investment strategy, Organigram ( OGI ) is well on its way to executing on its ambitious growth plan focusing on international, technological and product expansion," Paolo De Luca, chief strategy officer of Organigram ( OGI ) said in a statement. "Our inaugural Jupiter investment in Open Book Extracts marked our second investment in the U.S. market, and our first international investment in Sanity Group represents a significant first step in our ambitions to grow our footprint in the fast-growing German market."