Organigram closed its Sanity Group acquisition, adding quarterly revenue and a distribution network across Germany, Europe's largest medical marijuana market.
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Organigram Global (NASDAQ:OGI) closed its acquisition of Germany-based Sanity Group, a deal that will add quarterly revenue and give the Canadian cannabis producer a bigger footprint in Europe's expanding medical marijuana market.
The purchase, completed this month, gives Organigram Sanity Group's distribution network across Germany, the largest European cannabis market. Germany legalized medical marijuana in 2017 and has been moving toward broader adult-use legalization under a pilot program approved by the current government.
Sanity Group has held a license to cultivate, manufacture and distribute cannabis in Germany since 2020. The company also operates in the United Kingdom and Switzerland.
Organigram, based in Moncton, New Brunswick, has been shifting focus to international markets as Canadian adult-use sales have plateaued. The company reported C$40.4 million in revenue in its fiscal first quarter, up 20% from a year earlier, driven partly by higher international shipments.
The deal was structured as an all-cash transaction. Terms were not disclosed.
Organigram shares have gained about 12% over the past month, outperforming the broader cannabis sector.
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