- 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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