OrganiGram Announces Three Additional Grow Rooms Pass Inspection – Increase Production
MONCTON, NEW BRUNSWICK–(Marketwired – Dec 1, 2014) – OrganiGram Holdings Inc. (TSX VENTURE:OGI)(OGRMF) (the “Company“) is pleased to announce, as part of the ongoing expansion at its medical marijuana production facility in Moncton, the Company has completed the construction of 3 additional, 72 flowering light, grow rooms. In accordance with the Marihuana for Medical Purposes Regulations, all necessary Health Canada inspections and approvals have been obtained.
The completion of the 3 new grow rooms will add 1,700 plants to the facility, enabling the Company to increase production levels to 1,000,000 grams (1,000 kilograms) and represents approx. $8,000,000 in revenue per year.
“We are extremely happy to be making this announcement today. The Organigram team has been working tirelessly to bring these new grow rooms online and fulfill our commitment to MMPR patients,” said Denis Arsenault, Chairman & CEO.
Additionally, the company began construction of a further 8 grow rooms on October 1, 2014. The construction of these 90 flowering light rooms is expected to be complete and production to begin in February 2015. Once completed, this phase of expansion will add 11 grow rooms totaling 936 flowering lights to the current facilities capacity. This expansion will increase the facility’s production to 3,000,000 grams (3,000kg) and represents approx. $24,000,000 in revenue per year.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a TSX Venture Exchange listed company whose wholly owned subsidiary, Organigram Inc., is a licensed producer of medical marijuana in Canada. Organigram is focused on producing the highest quality, condition specific medical marijuana for patients in Canada. Organigram’s facility is located in Moncton, New Brunswick and the Company is regulated by the Marihuana for Medical Purposes Regulations.
On Behalf of the Board of Directors of Organigram,
Denis Arsenault, Director & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds, the results of financing efforts, the results of exploration activities — that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Glad to see some news from $OGRMF. They have a great business model and it is obviously working as seen with their latest news of the new grow rooms.