- OGI
recently received government approval and licensing for 17 additional
cultivation rooms
- The
company’s licensed production capacity now totals 76,000 kilograms per
year
- Organigram’s
strategic plan for continued expansion is reportedly on schedule
Organigram
Holdings Inc. (TSX: OGI) (NASDAQ: OGI), a leading Canadian licensed
producer (LP) of premium-quality cannabis and extract-based products, has
obtained Health Canada approval for licensing of 17 additional cultivation
rooms. The move brings the company’s total target licensed production capacity
to 76,000 kilograms per year (http://ibn.fm/hl2G8).
This is the next step in the company’s strategic plan to increase capacity and
further improve its efficiencies of scale.
The new cultivation rooms represent approximately 15,000
kilograms per year of additional production capacity and are part of
Organigram’s strategic phase 4B expansion plan.
“Once again, we are pleased to receive licensing approval
consistent with our expectations and the streamlined process we have
experienced to date,” Organigram CEO Greg Engel stated in a news release. “Our
phase 4 facility expansion remains on schedule to meet growing demand and
further contribute to efficiencies of scale.”
As a result of the government licensing and approval, the
company will immediately begin moving cannabis plants into the new rooms on a
rolling basis. Organigram projects it will see the initial crop from these new
rooms by the end of November 2019, assuming normal cultivation timelines.
Following drying and post-harvest processing, the company anticipates having
dried-flower product from these additional rooms available for sale to patients
and customers in its fiscal quarter ending February 2020.
Additional construction outlined in phase 4B of the
company’s expansion plans is on schedule to be completed later this month. The
company plans on submitting the licensing amendment for its remaining 16 phase
4B cultivation rooms this month, as well. The perimeter of phase 5 of the
company’s expansion, which will include an edibles and derivative product
facility and more extraction capacity, is also planned for this Health Canada
licensing submission (http://ibn.fm/beQXS).
Organigram Holdings Inc. is a Nasdaq Global Select and
Toronto Stock Exchange 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,
condition-specific medical marijuana for patients in Canada, and it ships to
all 10 Canadian provinces, establishing a growing coast-to-coast network. The
company is certified by Ecocert Canada to produce organically grown medicinal
cannabis. A portion of the cannabis currently produced in the facility is
organically grown, and a portion is mineral grown.
The company is also committed to developing international
business partnerships to extend its global footprint. In addition, Organigram
has 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.
For more information, visit the company’s website at www.Investors.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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