Organigram Holdings (OGI) said Friday that it has acquired Motif Labs for upfront consideration of 90 million Canadian dollars ($63.7 million), comprising CA$50 million in cash and CA$40 million of Organigram common shares.

Motif shareholders will also be entitled to get additional contingent consideration of CA$10 million payable in Organigram shares, subject to certain conditions, Organigram said.

The acquisition of Motif makes Organigram the largest cannabis company in Canada by market share, Organigram's chief executive officer, Beena Goldenberg, said.