Organigram Holdings (TSXV:OGI) announced it closed a private placement investment in Eviana Health.
As quoted in the press release:
Organigram along with an institutional strategic investor each participated 50% in a $10 million debenture offering (the “Debenture Offering”) by Eviana.
“Our investment in Eviana represents just the beginning of our international aspirations” said Greg Engel, CEO of Organigram, “but is representative of our approach to work with trusted local partners to both move quickly with boots on the ground and to navigate regional regulatory issues effectively”.
Offtake Sales Agreement
Organigram shall have the right, but not the obligation, to purchase up to and including 25 [percent] (the “Offtake Percentage”) of the Issuer’s (on a consolidated basis) annual [cannabidiol] CBD oil (or a comparable form including, but not limited to, CBD crystals) at 95 [percent] of the agreed raw CBD oil (or equivalent thereof) wholesale market price for a period of [five] years from the date on which the CBD oil (or equivalent thereof) is first made commercially available by Eviana for wholesale (subject to final agreement on terms between management of both companies).