Organigram snaps up cannabis-drinks business Collective Project [Yahoo! Finance]
Organigram Holdings Inc. - Common Shares (OGI)
Last organigram holdings inc. - common shares earnings: 1/14 04:00 pm
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Source: Yahoo! Finance
Nasdaq-listed Organigram said it would pay an initial C$6.2m (US$4.4m) for Collective Project, a business based in Ontario but which sells in Canada and the US. “In an environment where consumers are shifting away from alcohol, brands that deliver on an enjoyable experience without the negative effects of alcohol will be poised to win in this alternative beverage category that is growing at a rapid rate in the US,” Organigram chief strategy officer Paolo De Luca said. Collective Project, based in Hamilton, produces cannabis and hemp-derived infused sparkling juices, teas and sodas. The company markets its drinks in Canada and in ten US states. Its US stockists include Top Ten Liquors in Minnesota and Total Wines in the states of North Carolina, South Carolina and Indiana. Organigram is buying the Collective Project business from Collective Arts, which will retain its alcohol assets. Collective Arts sells beer in both markets. De Luca added: “We believe that Collective Proje
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