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Organigram to acquire 25% stake in German cannabis company

OrganiGram Holdings Inc. agreed to acquire a 25% stake in alpha-cannabis Pharma GmbH through its subsidiary 10870277 Canada Inc. by purchasing 8,333 common shares of Alpha-cannabis for approximately €1.6 million.

OrganiGram Holdings will pay another €875,000 in its common shares, subject to compliance with TSX Venture Exchange policies, to Alpha-cannabis if the German company achieves certain goals.

Moncton, Canada-based OrganiGram Holdings, through its wholly owned subsidiary Organigram Inc., produces and sells medical marijuana in Canada.

The agreement includes supply arrangements between both the companies. OrganiGram will supply dried cannabis flower to Alpha-cannabis and will get cannabidiol extracts from it. The two companies plan to submit joint bids for medical cannabis supply licenses in Germany.

Alpha-cannabis is based in Bad Nenndorf, Germany, and develops cannabis-based pharmaceutical ingredients.