MONCTON, New Brunswick–(BUSINESS WIRE)–Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent company of Organigram Inc. (the "Company" or "Organigram"), a leading licensed producer of cannabis, is pleased to announce that effective September 6, 2019 it has received Health Canada's approval for the licensing of 17 additional cultivation rooms under the Cannabis Regulations.
The new cultivation rooms represent approximately 15,000 kg/yr1 of increased target production capacity. These are the first 17 rooms licensed within the Company's Phase 4B expansion and now brings the Company's Moncton facility to annualized licensed capacity to a target of 76,000 kg1.
The licenses are valid until March 27, 2020 and subject to terms and conditions.
Once again, we are pleased to receive licensing approval consistent with our expectations and the streamlined process we have experienced to date. Our Phase 4 facility expansion remains on schedule to meet growing demand and further contribute to efficiencies of scale.Greg Engel, CEO, Organigram.
As a result of this approval, cannabis plants will be moved into these new rooms on a rolling basis commencing immediately. The Company anticipates harvesting product from these new rooms by the end of November assuming normal cultivation timelines. After drying and other post-harvest processing (including packaging) dried flower from these additional rooms is expected to be available for sale to patients and customers in the Company's fiscal quarter ending February 29, 2020.
Substantial construction of the entire Phase 4B stage remains on schedule for completion in September 2019 and the Company also anticipates submitting the licensing amendment for the remaining 16 Phase 4B cultivation rooms later this month.
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.
Disclaimer: past performance is not an indicator of future performance.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a NASDAQ Global Select and TSX 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 high-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).
& Keep Up to Date
Get the latest pot stock recommendations, cannabis news
and industry updates straight to your inbox!