- Organigram is in a sharp growth pattern as the company builds toward its production capacity target of 113,000 kilograms of cannabis per year at its New Brunswick campus
- The company’s recent announcement of Health Canada’s licensing approval for an additional 17 cultivation rooms brings total licensed target production capacity to 61,000 kg per year
- The company announced a shipment of product to Quebec in June, marking its official fulfillment of an order to the last of Canada’s 10 provinces and establishment of its coast-to-coast network
- Organigram is also refurbishing its Moncton Campus for its own edibles facility and additional in-house extraction capacity
According to its announcement on June 24, Organigram Holdings Inc. (NASDAQ: OGI) (TSX.V: OGI) received licensing approval for 17 cultivation rooms to complete licensing of the Phase 4A development of its Moncton Campus in New Brunswick (http://nnw.fm/f7Gnt) for total licensed target production capacity of 61,000 kg per year. By the end of the year, Organigram is expected to complete construction on Phase 4 expansion for total target production capacity of 113,000 kilograms per year, once fully licensed and operational(1).
The company is also refurbishing part of its facility at its Moncton Campus in order to pursue Phase 5 development of a cannabis edibles and derivatives facility and additional extraction capacity. The company has committed to invest C$15 million in a chocolate production line, with capacity of up to four million kilograms of chocolate cannabis edibles per year (http://nnw.fm/cMJu0).
Organigram began trading common shares on the Nasdaq in late May, uplisting from the OTCQX Best Market. One of only a handful of licensed producers operating in all of Canada’s provinces, the company celebrated the first shipment of its cannabis products to Quebec in June, marking official fulfillment of orders in all 10 provinces from coast to coast.
“Our national reach means brands such as Edison Cannabis Co. and Trailblazer are available across the country, offering a range of cannabis options for legal adult recreational cannabis consumers,” CEO Greg Engel stated in the news release announcing the shipment (http://nnw.fm/sZCA9). “As we look ahead to the legalization of edibles and extracts, we are excited to have the national network in place to offer Canadians access to new thinking and new products as they explore Cannabis 2.0, and a new cannabis experience.”
The company continues to build strategic partnerships as part of its focus on expanding globally, targeting international cannabidiol (CBD) product markets beyond Canada’s borders. In line with its strategy, the company generated positive adjusted EBITDA of C$13.3 million(2) in the second quarter of its fiscal year, marking positive adjusted EBITDA for the third consecutive quarter.
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://nnw.fm/OGRMF
(1) Several factors can cause actual capacity to differ. Please see the company’s latest MD&A and Annual Information Form.
(2) Adjusted EBITDA is a non-IFRS measure. Please see the company’s latest MD&A.
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 77948 (U.S. Mobile Phones Only)
For more information please visit https://www.NetworkNewsWire.com