Organigram Expanding Operations, Hiring Up To 140 New Employees, Will Raise Annual Output to 25,000 kg
Company will have the third-largest indoor marijuana production facility in Canada
MONCTON, New Brunswick, Oct. 11, 2017 (GLOBE NEWSWIRE) — Organigram Holdings Inc. (TSX VENTURE:OGI) (OTCQB:OGRMF) (the “Company” or “Organigram”) is undergoing a production-facility expansion that will more than triple the size of its operations. The multi-million-dollar project will meet the growing needs of the Company’s medical patient base, as well as prepare Organigram for the legal, adult-recreational marijuana market.
Greg Engel, Organigram’s CEO, called the development plans a significant, strategic investment designed to ensure the company retains its leadership position when recreational marijuana is legalized next year. Engel said the highlights of Organigram’s plans are:
- The addition of approximately 140 new employees by the end of next year;
- An expansion of its existing production facility from 36,000 to 134,000 square feet by the end of this year grown on three levels;
- A further 36,000 square-foot expansion scheduled for completion by mid 2018;
- A production-capacity increase from approximately 5,200 kilograms annually to more than 25,000 kg per year;
- Acquisition of a third building at 55 English Drive for future expansion, adjacent to the current campus; and
- All current project components are fully funded, on budget, and on schedule.
We are committed to this growth because our number-one priority is our ability to offer customers – both now and in the future – consistent access to a range of high-quality products that meet their needs and tastes. Our three-level indoor production allows us to maximize our footprint, our yields and produce a consistent high-quality product supply for our customers.
Greg Engel, CEO
This is an incredibly exciting time for our Company, as well as the entire industry. We’re delivering on our vision to be a major national player in both the medical- and adult-recreational cannabis markets. These moves will add value for our shareholders and will create economic growth and opportunities in New Brunswick.
For more information on expansion plans, please see the extended release at www.Organigram.ca
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 Access to Cannabis for Medical Purposes Regulations (“ACMPR”).
Organigram has been ranked in the top-10 Clean Technology & Life Sciences Sector on the TSX Venture Exchange 50.
Before this cannabis stock news is here, it's published to subscribers on 420 Investor.