Organigram Holdings Inc. is pleased to announce it has acquired all of the issued and outstanding shares of Laurentian Organic Inc., in a cash and share transaction for aggregate consideration of $36 million, plus earnout consideration payable, if applicable, based on Laurentian surpassing certain EBITDA thresholds in calendar 2022 and 2023. The Laurentian acquisition further strengthens Organigram’s position in the Canadian market through the expansion of the Company’s portfolio into premium products, including hash and craft cannabis, in addition to providing an important presence in the province of Quebec through scalable cultivation and operational footprint.
Laurentian was co-founded by Eric Brosseau, Mathieu Lahaie and Eric Verdier, a trio of highly passionate Quebecers who parlayed their love of cannabis into a successful cannabis company operating near the iconic Mont-Tremblant, specializing in high-quality, artisanal craft cannabis and premium Afghan hash. Organigram is excited to have a foothold in the Quebec market and is committed to building on the great progress made by the team at Laurentian through further investment in people and facilities in the province. The Company also plans to leverage its strong internal field sales force and national distribution capabilities to build on Laurentian’s existing momentum.
“The Laurentian acquisition marks yet another important milestone for Organigram as we continue to deepen the focus of our core business on delighting consumers with innovative products and brands that deliver unique and memorable experiences,” said Beena Goldenberg, Chief Executive Officer of Organigram. “Not only does Laurentian add two great new brands to our portfolio, it also brings us new premium product offerings with its Afghan hash and artisanal craft flower, as well as a footprint in the important market of Quebec. We look forward to building on the momentum that Laurentian has established to bring these products to even more Canadian provinces and territories.”
“We founded Laurentian with the goal of bringing the highest quality hash and cannabis to consumers across Canada. We are thrilled to be joining Organigram where we will have the opportunity to leverage their expertise and distribution capabilities to make this expansion goal a reality,” said Eric Brosseau, Co-Founder of Laurentian. “The Organigram team has an unrivalled customer service experience through its rigour and professional standards and dedicated national sales force and we are thrilled to be able to work with their team through the next phase of growth.”
Source: Financial post
