On November 8, 2023, in a move to deepen their strategic relationship, Organigram Holdings Inc. (Organigram) and British American Tobacco (BAT) announced an additional investment from BAT. This collaboration, which began with BAT's initial investment and the establishment of the Product Development Collaboration (PDC) in March 2021, aims to leverage both companies' expertise to develop next-generation non-combustible cannabis products.

BAT expressed satisfaction with Organigram's performance, financial governance, and management's category stewardship amid challenging market conditions. These factors bolstered BAT's confidence in the new investment, which is intended to position Organigram to capitalize on market opportunities and deliver incremental value to both companies.

The majority of the investment will fund Organigram's strategic investment pool, targeting emerging opportunities in the cannabis sector to accelerate growth and support geographic, technological, and product expansion. The investment remains subject to customary conditions, including shareholder approval.

Since March 2021, BAT has made a series of minority investments in the cannabis space through carefully selected partners, including Organigram. BAT continues to explore future opportunities by partnering with and learning from its cannabis investment companies.

Organigram, listed on NASDAQ and TSX, has a proven track record of consumer-led innovation and producing high-quality adult-use recreational and medical cannabis products available legally in Canada.