Organigram Holdings has announced a US $2 million minority investment in Steady State LLC (d/b/a Open Book Extracts) ("OBX") in the form of a convertible note.
Based in Roxboro within North Carolina's "Research Triangle," OBX specializes in legal cannabinoid ingredient production and serves as a one-stop formulation and finished goods manufacturer, simplifying its clients' supply chains.
"We are extremely excited to make our first Jupiter pool investment in Open Book Extracts, a company that we've had on our radar for quite some time," said Paolo De Luca, Chief Strategy Officer of Organigram. "OBX has a scalable platform, differentiated products, and a great team, all of which support its tremendous access to the U.S. market and leadership in the fast-growing hemp derivatives category," he concluded.
"Organigram has consistently proven itself to be one of Canada's leading licensed cannabis producers and has growing international ambitions which is why we are so eager to have them as an investor in OBX," said OBX co-founder and CEO David Neundorfer. "We are pleased to receive the investment from Organigram, who share our commitment to upholding the highest standards of product quality, and we look forward to helping the company launch hemp-derived products in the U.S. over time," added Oscar Hackett, co-founder, President, and CFO.
For more information:
Organigram
organigram.ca