Screened September 29, 2026 · TSX: OGI (also Nasdaq) · Q3 Fiscal 2026 (quarter ended June 30, 2026) + FY2025 audited + market data September 2026

Is Organigram Global (OGI) halal?

Organigram Global (TSX/Nasdaq: OGI), a licensed cannabis producer with an active British American Tobacco partnership, gets a FAIL: the business gate fails (recreational cannabis 58% of Q3 fiscal 2026 revenue) - ratios moot.

The two-gate Shariah screen

Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, weapons manufacturing, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).

Gate one: the business — FAILED

Organigram Global Inc. (formerly Organigram Holdings Inc.), dual-listed on TSX and Nasdaq under OGI, is a licensed cannabis cultivator and producer of cannabis-derived consumer packaged goods in Canada. Per its Q3 Fiscal 2026 MD-and-A (6-K, August 2026): it manufactures and distributes cannabis products to wholesale and retail channels in Canada and exports internationally, and it held the number one market share position in the Canadian recreational cannabis market as of June 30, 2026. Revenue mix for the three months ended June 30, 2026: recreational cannabis 58% (C$61.817M), medical (mostly international) 37% (C$39.033M), wholesale and other 5% (C$4.932M). On April 15, 2026 it acquired Sanity Group GmbH (German medical cannabis); its US hemp-derived THC beverages and edibles business is being wound down. Cannabis is the disclosed core business - the business-activity gate fails. Separately, British American Tobacco p.l.c. is the company largest institutional shareholder and strategic partner: about C$410M invested across three investments between 2021 and 2026, a C$65.2M private placement closed April 15, 2026, about 48% effective ownership per the Q3 MD-and-A, a Product Development Collaboration in place since March 10, 2021, and board nomination rights up to 30%. BAT is a shareholder and partner, not the company itself - but the tobacco linkage is substantial, current, and ongoing. Facts only, no fatwa.

Gate two: the ratios — NOT APPLICABLE (moot — business gate fails)

The ratios are moot because the business gate fails first. Debt: at June 30, 2026, loans and borrowings were C$3.365M current plus C$17.608M non-current, with lease liabilities of C$1.723M current plus C$8.758M long-term - total about C$31.454M of interest-bearing debt. Against a market capitalization of about C$214.3M (140,975,357 shares at C$1.52, September 29, 2026), that is about 14.7% - under the ~33% ceiling. Important caveat: C$71.057M of BAT Class A Preferred Shares are classified as financial liabilities under IAS 32; counting them as debt would give (31.454 + 71.057) / 214.283 = about 47.8%, above the ceiling. They are convertible, non-voting, equity-like instruments held by BAT, and the screener loan-plus-leases convention gives 14.7% - the choice is disclosed here for transparency. Income: interest income is not separately disclosed in any period. The only published figure is the combined Investment loss (income), net of financing costs - a net loss of C$541k in Q3 2026 and C$136k for the nine months (financing costs exceeded investment income), and net income of C$1.150M for FY2025 with interest and financing costs netted. The interest-income numerator cannot be isolated in any same-period filing, so no interest-income ratio is published - unverifiable, not estimated. All figures recomputed from the cited sources; Organigram reports in Canadian dollars.

What other screeners say

No public Zoya, Musaffa or ShariaPortfolio coverage was found for Organigram (OGI) as of September 2026: no public Zoya page is indexed for the ticker, site-scoped Musaffa searches returned nothing, and ShariaPortfolio publishes no public per-stock screening pages for it. The FAIL recorded here rests on the company own disclosures.

The bottom line

Organigram Global (OGI) is a FAIL: the business gate fails first. It is a licensed cannabis producer and cannabis-derived consumer packaged goods manufacturer - recreational cannabis was 58% of Q3 fiscal 2026 net revenue (medical 37%, wholesale and other 5%) - and it has an active, current strategic partnership with tobacco company British American Tobacco (about C$410M invested 2021-2026, about 48% effective ownership, product development collaboration since March 2021). The ratios are moot: debt of about C$31.5M (loans plus leases) is about 14.7% of the about C$214.3M market cap, under the ~33% ceiling - though C$71.1M of BAT Class A Preferred Shares are classified as financial liabilities, and counting them as debt would lift the ratio to about 47.8%; interest income is not separately disclosed in any filing, so no interest-income ratio can be published - reported as unverifiable, not estimated. No public Zoya, Musaffa or ShariaPortfolio rating was found for this ticker as of September 2026. As with every screener here, this is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.

Sources

• Organigram Q3 Fiscal 2026 6-K (stocktitan; business, balance sheet, BAT ownership)
• BAT Schedule 13D/A for Organigram (April 15, 2026; share ownership)
• Organigram FY2025 audited statements (year ended Sept 30, 2025)

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