Why Organigram Stock Surged Today
Shares of Organigram Holdings (NASDAQ: OGI) jumped 9.9% on Friday, following positive analyst commentary.
On Monday, Organigram said it received an investment of $221 million Canadian ($177 million) from British American Tobacco (NYSE: BTI). Under the terms of the deal, the two companies will share intellectual property and work together to develop new cannabis products, with an initial focus on CBD (cannabidiol).
"This strategic collaboration strengthens our ability to deliver innovative, differentiated products that appeal to adult consumers and we expect it to be transformational for Organigram and its shareholders," Organigram chief strategic officer Paolo De Luca said in a press release.
Source Fool.com
