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Organigram Announces Letter of Intent for Strategic Investment in Hyasynth Biologicals Inc.
Organigram Announces Letter of Intent for Strategic Investment in Hyasynth Biologicals Inc...
About this update from Organigram Global Inc.
[{"type":"text","content":"\n\n\n\nOrganigram Announces Letter of Intent for Strategic Investment in Hyasynth Biologicals Inc.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONCTON, NB, May 24, 2018\n\n\n\n\n\nInvestment in Hyasynth Biologicals Inc. would advance Organigram's interest in next generation cannabinoids\n\n\n\nMONCTON, NB, May 24, 2018 /CNW/ - Organigram Holdings Inc. (TSX VENTURE: OGI) (OTCQB: OGRMF) (\"Organigram\"), a leading licensed producer of medical marijuana based in Moncton, New Brunswick, is pleased to announce that it has entered into a letter of intent with Hyasynth Biologicals, Inc. (\"Hyasynth\") whereby Organigram proposes to make a strategic investment in Hyasynth.  Additionally, the non-binding letter of intent contemplates Organigram entering into an off-take agreement with Hyasynth whereby Organigram can purchase a pre-defined quantity of a range of cannabinoids or cannabinoid related production from Hyasynth on terms set forth in such agreement.\n\n\n \n \n\n \nHyasynth, a biotechnology company based in Montreal, is a leader in the field of phytocannabinoid science and biosynthesis. Their patent-pending technology makes it possible to produce phytocannabinoids using genetically engineered strains of yeast. Fermentation is a well-established and scalable production method for many nutritional products and pharmaceuticals. Hyasynth's proprietary enzymes and yeast strains allow them to apply this efficient manufacturing platform to CBG, CBD and THC for novel and specialized products, and as pharmaceutical ingredients. Hyasynth previously demonstrated small-scale production of phytocannabinoids under a research exemption. They recently received their dealer's license from Health Canada, which enables them to expand beyond research and into commercial production.\n\nPursuant to the terms of the strategic investment, once finalized, Organigram will have the right to purchase up to $10 million in senior secured convertible debentures (the \"Debentures\") of Hyasynth in a series of three tranches based on Hyasynth...