Company Website https://eviana.ca
Toronto, Ontario (FSCwire) - Organigram Holdings Inc. (“Organigram”) (TSX VENTURE: OGI) (OTCQB: OGRMF) and Eviana Health Corporation (“Eviana”) (CSE: EHC) (OTC: EVNNF) (collectively the “Companies”) are pleased to jointly announce that the Companies have entered into a non-binding term sheet (the “Term Sheet”) whereby Organigram will make a significant equity investment into Eviana. Additionally, the Term Sheet contemplates Organigram entering into an offtake agreement with Eviana for up to 50% of the cannabidiol (“CBD”) production of Eviana for a period of five years, subject to adjustment based on Organigram’s equity interest in Eviana.
“This agreement is a key facet of our ongoing international expansion efforts,” explains Greg Engel, CEO, Organigram. “Our investment and concurrent offtake agreement with Eviana will provide Organigram with a source of low-cost, high-quality CBD for the burgeoning medical market within Europe. The proven cultivation and processing costing model that Eviana has developed will allow us to bring a range of innovative products to the global CBD marketplace.”