Why Organigram Holdings Stock Spiked 30% Today

A new strategic deal is making waves in the cannabis sector Thursday morning, sharply moving the stock of Organigram Holdings (NASDAQ: OGI). As of 10 a.m. EST, Organigram shares were up slightly more than 30%.  

The big news is a strategic investment British American Tobacco (BAT) (NYSE: BTI) is making in the Canadian pot grower. BAT will take a 19.9% stake in Organigram for an investment the equivalent of about $175 million. The investment was made at an Organigram stock price of about $3 per share. Shares are currently trading at about $3.80. 

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Source Fool.com