Organigram receives HC OK for 17 more cultivation rooms
2019-09-09 06:26 ET - News Release
Mr. Greg Engel reports
ORGANIGRAM RECEIVES HEALTH CANADA APPROVAL TO BRING TOTAL LICENSED PRODUCTION CAPACITY TO TARGET OF 76,000 KG/YR
Effective Sept. 6, 2019, Organigram Holdings Inc. 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 kilograms/year of increased target production capacity. These are the first 17 rooms licensed within the company's phase 4B expansion and now bring the company's Moncton facility to annualized licensed capacity to a target of 76,000 kg.
The licences 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," explained Greg Engel, chief executive officer, 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 postharvest 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 Feb. 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.
About Organigram Holdings Inc.
Organigram Holdings is a Nasdaq Global Select- and TSX Venture Exchange-listed company. Its 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, N.B., and the company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).
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