BAT Boosts Stake in Organigram via Sanity Group Deal

On April 17, 2026, BT DE Investments Inc., a subsidiary of British American Tobacco p.l.c. (BAT), filed Amendment No. 8 to its Schedule 13D regarding Organigram Global Inc. (OGI). The filing reports an increase in holdings to 42,231,089 common shares, representing 29.9% of the class. This increase resulted from the completion of Organigram's acquisition of Sanity Group GmbH on April 15, 2026. BT DE Investments elected to receive OGI shares in lieu of cash for its interest in Sanity Group, receiving 943,900 common shares and 12,638,228 preferred shares as upfront consideration. Concurrently, the filer completed a private placement investment, acquiring an additional 1,152,800 common shares and 12,874,274 preferred shares, while also exercising top-up rights for 9,897,356 preferred shares. The preferred shares are convertible into common shares subject to a 49% ownership cap, while common share ownership is restricted by a 30% threshold. A Second Amended and Restated Investor Rights Agreement was also executed, granting BAT nomination rights for up to 30% of the Board.