Fortunate OrganiGram Holdings (NASDAQ: OGI) shareholders caught quite the buzz from their investment on Tuesday. The Canadian marijuana company’s stock zoomed 6.5% higher, thanks to the announcement of a promising new acquisition, plus some noise on the U.S. legalization front.
As has been typical for marijuana companies since the start of the modern pot industry, OrganiGram’s latest move is an attempt to grow by acquisition. It said Tuesday that it has acquired Quebec’s Laurentian Organic, a producer of higher-end marijuana and hashish goods.