Organigram Holdings (TSX.V: OGI) (NASDAQ: OGI), parent
company of Organigram Inc., a leading licensed producer of cannabis, this
morning announced that it has entered into an advance payment and purchase
agreement with 703454 N.B. Inc. (carrying on business as 1812 Hemp). In
accordance with the agreement, OGI will pre-fund hemp purchases to receive
access to as much as 60,000 kilograms of dried hemp flower to be harvested
during 2019 for extraction into cannabidiol (“CBD”) isolate. In January, the
company entered into a purchase agreement with 1812 Hemp which granted OGI the
first a right of first refusal on 1812 Hemp’s production of certain hemp
cultivars. Purchase conditions of the dried hemp flower continue to be governed
by the January agreement which secures supply. OGI will advance funds to 1812 Hemp
for the purchase of specialized large-scale hemp harvesting and processing
equipment to increase crop yields, contribute to improved efficiency and
enhance preservation of harvested cannabinoids. Per the terms of the agreement,
funds advanced by Organigram will be credited toward future hemp flower
purchases. “Access to a large, consistent volume of CBD-producing hemp has
become increasingly important as Canadians express their demand for CBD-rich
products for use in both recreational and medical capacities,” Organigram CEO
Greg Engel stated in the news release. “We’ve heard the call for CBD in the
market and this agreement positions Organigram to meet that demand.”
To view the full press release, visit http://ibn.fm/rxh5t
About Organigram Holdings Inc.
Organigram Holdings Inc. is a TSX Venture Exchange and
NASDAQ Global Select listed company whose wholly owned subsidiary, Organigram
Inc., is a licensed producer of cannabis and cannabis-derived products in Canada.
Organigram is focused on producing the highest-quality, indoor-grown cannabis
for patients and adult recreational consumers in Canada, as well as developing
international business partnerships to extend the company’s global footprint.
Organigram has also developed a portfolio of legal adult use recreational
cannabis brands including The Edison Cannabis Company, Ankr Organics, Trailer
Park Buds and Trailblazer. Organigram’s primary facility is located in Moncton,
New Brunswick and the company is regulated by the Cannabis Act and the Cannabis
Regulations (Canada). For more information, visit the company’s website
at www.Organigram.ca.
NOTE TO INVESTORS: The latest news and updates
relating to OGI are available in the company’s newsroom at http://ibn.fm/OGRMF
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