Organigram Holdings Inc. (OTCQB: OGRMF) announced on May 24th it has a letter of intent to invest into Hyasynth Biologicals, Inc. However, Organigram will not be permanently bound to this letter of intent and has the option to purchase quantities of cannabinoids or cannabinoid products instead.
The company also has the right to purchase up to 25% of the cannabinoids produced by Hyasynth. Additionally, Organigram has the right reserved to purchase an amount of up to $10 million in convertible debentures.
Hyasynth is a Montreal-based bio-tech company that is the leader in the field of phytocannabinoid science as well as biosynthesis. The company’s proprietary enzymes and rare strains of yeast is what makes Hyasynth able to efficiently manufacture cannabidiol (CBD), tetrahydrocannabinol (THC), and cannabigerol (CBG).
On the date of this announcement on the 24th, OGRMF decreased a total of 1.29% by the time the market closed regular hours at 4:00pm.
Since then, after almost the full day of trading on the 25th, the value has decreased an additional 2.34%