Pot firm OrganiGram buys Motif Labs; shares rise

Organigram Global

06/12/2024 15:47

** Shares of cannabis firm OrganiGram Holdings  OGI.TO  rise
6.7% to C$2.17
    ** Co acquires private cannabis firm Motif Labs in
cash-stock deal worth $90 mln
    ** OGI sees acquisition to be financially accretive; expects
cost synergies to be in excess of $10 mln over the next two
years
    ** OGI says Motif's Aylmer and London, both Ontario-based
facilities, will be added to OGI's existing roster of
manufacturing and cultivation footprints across Canada
    ** Including session's moves, stock up 25.9% YTD

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))