Mr. Paolo De Luca reports

ORGANIGRAM INVESTS IN U.S. BASED OPEN BOOK EXTRACTS REPRESENTING INAUGURAL JUPITER INVESTMENT

Organigram Holdings Inc. has made a $2-million (U.S.) minority investment in Steady State LLC (doing business as Open Book Extracts) (OBX) in the form of a convertible note.

Based in Roxboro within North Carolina's Research Triangle, OBX specializes in legal cannabinoid ingredient production and serves as a one-stop formulation and finished goods manufacturer, simplifying its clients' supply chains.

"We are extremely excited to make our first Jupiter pool investment in Open Book Extracts, a company that we've had on our radar for quite some time," said Paolo De Luca, chief strategy officer of Organigram. "OBX has a scalable platform, differentiated products and a great team, all of which support its tremendous access to the U.S. market and leadership in the fast-growing hemp derivatives category," he concluded.

"Organigram has consistently proven itself to be one of Canada's leading licensed cannabis producers and has growing international ambitions, which is why we are so eager to have them as an investor in OBX," said OBX co-founder and chief executive officer David Neundorfer. "We are pleased to receive the investment from Organigram, who share our commitment to upholding the highest standards of product quality, and we look forward to helping the company launch hemp-derived products in the U.S. over time," added Oscar Hackett, co-founder, president and chief financial officer.

Strategic rationale of the investment:

• The investment in OBX provides a further footprint in the United States, which was a strategic priority set out in the Jupiter investment strategy.
• OBX is a professional, quality-led company that is growing quickly and is uniquely positioned to leverage the expanding legal hemp derivative market.
• Through its investment in OBX, Organigram will gain valuable insights into the U.S. market and its consumers. In time, Organigram plans to work with OBX to explore potential product launches in the United States.
• OBX and Organigram are currently discussing an opportunity for OBX to serve as a collaborative research partner for efficacy testing, technology development and formulation sciences.
• OBX is nearing completion of its EU GMP (European Union good manufacturing practice) certification, which will create further international collaboration opportunities between OBX and Organigram.

Select convertible note particulars:

• Organigram's $2-million (U.S.) subordinate secured convertible note instrument is part of a larger financing round totalling approximately $15-million (U.S.). The most recent investors include a fund managed by Key Investment Partners and the Lago Innovation Fund. Existing investors of OBX include BT DE Investments Inc., a subsidiary of British American Tobacco PLC.
• The note matures on Oct. 16, 2026, unless converted beforehand into equity of OBX.
• If OBX completes a future equity raise of at least $5-million (U.S.), the note will, subject to certain conditions, convert into equity at a 20-per-cent discount to the price of that financing round.
• The note is secured by a general security charge over OBX's assets and is subordinate only to one securityholder.
• Funds will be used for general corporate purposes.
• As part of the convertible note subscription, Organigram will be granted one observer seat on the OBX board.

About Organigram Holdings Inc.

Organigram Holdings is a Nasdaq Global Select Market and Toronto Stock Exchange listed company whose wholly owned subsidiaries include Organigram Inc., a licensed producer of cannabis, cannabis-derived products and cannabis-infused edibles in Canada.

Organigram is focused on producing high-quality cannabis for patients and adult recreational consumers as well as developing international business partnerships to extend the company's global footprint. Organigram has also developed and acquired a portfolio of adult-use recreational cannabis brands, including Edison, Holy Mountain, Big Bag O' Buds, Shred, Shred'ems, Monjour, Laurentian, Tremblant Cannabis and Trailblazer. Organigram operates facilities in Moncton, N.B., and Lac-Superieur, Que., with a dedicated edibles manufacturing facility in Winnipeg, Man. The company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).

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