Canadian cannabis operator Organigram acquires Motif Labs for CA$90 million
Organigram Holdings, a Canadian licensed cannabis producer, has acquired Motif Labs for 90 million Canadian dollars ($63.6 million).
Motif Labs, based in Aylmer, Ontario, produces cannabis concentrates, extracts, topicals and vapes.
The company’s Boxhot line of marijuana vape products is Canada’s No. 1-selling brand in the vape category for 2024, according to Seattle-based cannabis data firm Headset.
Other Motif brands include Boondocks, Debunk, Floe State and Rizzlers.
Organigram – which has operations in Lac-Superior, Quebec; and Moncton, New Brunswick; and Winnipeg, Manitoba – paid CA$50 million in cash and CA$40 million in Organigram shares to acquire 100% of the issued and outstanding shares of Motif Labs, according to a news release.
Motif Labs shareholders could receive an additional CA$10 million in Organigram shares if the value of that stock exceeds CA$3.22 in the 12 months after the transaction, according to the release.
The acquisition “establishes Organigram as Canada’s largest cannabis company by market share,” the company’s CEO, Beena Goldenberg, said in a statement.
Motif has a wholesale division and is set to open a distribution warehouse in London, Ontario, that will create efficiencies for Organigram, the release noted.
Organigram shares trade as OGI on the Nasdaq and Toronto Stock Exchange.
