Organigram: Phylos Achieves First Milestone Under Loan Agreement; Increases Investment

(RTTNews) - Organigram Holdings Inc. (OGI, OGI.TO) announced that Phylos Bioscience Inc., a U.S. cannabis genetics company and provider of production ready seeds, has achieved the first milestone under the loan agreement entered into in May 2023. Phylos has closed the second tranche under the Loan Agreement with Organigram advancing $2.75 million to Phylos.

The second tranche follows the initial tranche of $3.25 million advanced in May 2023 for a total of $6 million in senior secured convertible loans currently outstanding. The Loan Agreement contains a commitment to fund up to an additional $2 million no later than May 2025, upon the completion of certain milestones.