Organigram reaches class action settlement, to pay $2.3M

Jun. 24, 2022 2:16 AM ETOrganiGram Holdings Inc. (OGI), OGI:CABy: Meghavi Singh, SA News Editor1 Comment

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  • Organigram (NASDAQ:OGI) said on Thursday that it has reached a proposed settlement in a previously disclosed class action related to medical cannabis that was voluntarily recalled in December 2016 and January 2017.
  • The Supreme Court of Nova Scotia approved notice of settlement will be sent to class members beginning on June 24, 2022.
  • As part the settlement, the company has agreed to pay an aggregate of $2.31M, which has been previously accrued in the company's financial statements for the prior fiscal year.
  • For the proposed settlement to become effective, it must be approved by the Court.
  • On August 31, 2022, the court will hold a hearing to consider whether to approve the settlement.
  • Read more on the company’s latest reported quarter.

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