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Organigram stock jumps on $124-million investment from tobacco giant BAT

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Cannabis company says it will be used in part to create a new strategic innovation fund

shares surged 30 per cent Monday morning after the company announced a $124-million investment from a British tobacco giant, which it will use in part to create a new strategic innovation fund.

Of the total investment, Organigram said it will use $83-million of the investment to create “Jupiter,” a strategic fund designed to expand its geographic footprint outside of Canada. The rest will be used for general corporate purposes, the company said in a press release Monday morning. BAT’s investment is the latest in a number of major plays made by tobacco companies aiming to diversify into pot products and find efficiencies in manufacturing and distribution.

Five years after federal legalization, the Canadian pot sector continues to struggle. Organigram’s stock started the day Monday down 66 per cent from the beginning of the year. In its latest quarter reported in July, the company posted a $120-million net loss, most of which it attributed to a $191-million writedown of its goodwill, property, plants and equipment.

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