OrganiGram Announces a New At-The-Market Share Sale Program

OrganiGram Holdings (NASDAQ: OGI) is laying the foundation for a new round of capital raising. The Canadian cannabis company announced Wednesday morning that it has established a new at-the-market stock program.

Under it, OrganiGram will sell up to 49 million Canadian dollars ($34.5 million) worth of stock on either or both of the two main exchanges on which it's listed: the NASDAQ and the Toronto Stock Exchange.

If it used the full authorization, that would amount to selling almost 23 million shares at the current stock price. According to the most recent data on Yahoo Finance, the marijuana company currently has slightly over 173 million U.S. shares outstanding.

Source Fool.com