01:55 PM EDT, 03/26/2024 (MT Newswires) -- Organigram Holdings ( OGI ) said Tuesday that it has made a US$2 million minority investment in Steady State LLC d/b/a Open Book Extracts in the form of a convertible note.

Based in Roxboro within North Carolina's "Research Triangle," Open Book Extracts specializes in legal cannabinoid ingredient production and serves as a one-stop formulation and finished goods manufacturer.

Further, the companies are considering an opportunity for Open Book Extracts to serve as a collaborative research partner for efficacy testing, technology development, and formulation sciences.

OBX is nearing completion of its EU GMP certification.

Organigram's ( OGI ) US$2 million subordinate secured convertible note instrument is part of a larger funding round totaling US$15 million.

Also, Organigram ( OGI ) will be granted one observer seat on the board of Open Book Extracts.

The company's stock jumped 8.8% on last look on Tuesday.

Price: 3.72, Change: +0.30, Percent Change: +8.77