Jackson suffered the injury after he awkwardly fell while contesting a shot, although the team doesn't specify the play in question. He played 32 minutes and was on the court at the final buzzer in the 109-99 loss.
It's not clear if Jackson will require surgery, but the Grizzlies expect him to make a full recovery.
In three games of the season's restart in Orlando, the 20-year-old big man averaged 25.3 points, 2.7 rebounds, and 1.7 blocks. Jackson put up 17.4 points, 4.6 rebounds, and 1.6 blocks per game in his sophomore season.
Memphis is still searching for its first win in Orlando. The team occupies the eighth and final playoff seed in the Western Conference but sits just two games clear of the Portland Trail Blazers and San Antonio Spurs.