OrganiGram (NASDAQ:OGI) stock is rising higher on Monday after the cannabis company announced a new 124.6 million CAD investment.
That investment comes from BT DE Investments Inc., which is a wholly-owned subsidiary of BAT (NYSE:BTI). This has it agreeing to issue BAT 38.7 million shares of OGI stock across three portions.
OrganiGram also notes it already has plans for the money from this investment. It will use 83.1 million CAD of it to create Jupiter. This is a new strategic investment pool designed to help the company expand its geographic footprint. The remaining will be used for general corporate purposes.
Beena Goldenberg, CEO of Organigram, said the following about the investment:
“We are excited to bring this transformative transaction to Organigram’s shareholders, reinforcing our commitment to delivering shareholder value. This investment bolsters an already strong balance sheet and solidifies our position as a leading cannabis company.”
OGI Stock Movement Today
With this investment news, shares of OGI stock are rising alongside heavy trading. That has the stock up 35.3% as some 10 million shares changed hands as of Monday morning. For comparison, the company’s daily average trading volume is about 455,000 shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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