Organigram Archives - Green Market Report

Debra BorchardtDebra BorchardtApril 15, 2019
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5min1160

Organigram Holdings Inc. (TSX: OGI) (OTCQX: OGRMF) announced its results for the second quarter ending February 28, 2019 with net revenue of $26.9 million, a 693% increase over last year’s net income $3.3 million. The net loss from continuing operations was $6.4 million or $(0.05) per share on a diluted basis versus $1.2 million net income, or $0.01 per share on a diluted basis for the same time period in the previous year.

The adjusted EBITDA of $13.3 million or 49% (of net revenue) was positive for the third consecutive quarter and increased from an adjusted EBITDA loss of $0.3 million in Q2-2018 driven by exponentially higher unit sales.

“For the second consecutive quarter, our results reflected operational excellence which translated into record revenue for the Company, industry-leading adjusted gross margin, and positive adjusted EBITDA, all of which differentiates us from most of the Canadian industry today,” said Greg Engel, Chief Executive Officer. “Our team has already progressed several key initiatives in preparation for the derivative and edibles launch in the fall of 2019.”

Q2-2019 gross revenue of $33.5 million included the first full quarter of adult-use recreational sales and increased 1,044% over the previous year’s gross revenue of $2.9 million. The cash cost of cultivation was $0.65 and “all-in” cost of cultivation of $0.85 (including non-cash depreciation and share-based compensation) per gram of dried flower harvested decreased from $1.24 and $1.48, respectively, in Q2-2018 largely due to higher yields per plant.

Adjusted gross margin (a non-IFRS measure that excludes the effects of fair value adjustments on biological assets and inventories) increased to $16.0 million or 60% (of net revenue) from $1.8 million or 52% (of net revenue) in Q2 2018 as explained by increased unit volume sales. Q2-2019 reported gross margin (includes fair value adjustments on biological assets and changes in inventory) equaled $8.0 million compared to $6.2 million in Q2-2018.

Sales and marketing and general and administrative expenses were $5.7 million (excluding non-cash share-based compensation), up from $2.7 million in Q2-2018. As a percentage of net revenue, SG&A expenses excluding share-based compensation decreased to 21% from 79% in Q2-2018 as management continued with their disciplined approach to overhead spending during this high growth period.

Edibles & Beverage Launch

Organigram said it is well-positioned for the launch of the derivatives products in the fall of 2019. The company is currently focusing its interests on vaporizable pen technologies and a selection of edible products.  A chocolate molding line and additional fully automated packaging equipment for product lines such as edibles and other derivative based products have been ordered and short path distillation equipment for edibles and vape pens has been purchased.

Organigram said that it believes it has also developed a shelf stable, water-soluble and tasteless cannabinoid nano-emulsion formulation that provides an initial onset within 10 to 15 minutes if used in a beverage. Non-cannabis formulations with a similar molecule size are water-soluble in humans (i.e., absorbed through the bloodstream rather than requiring first-pass liver metabolism, which results in longer onset and duration). The company expects to receive appropriate research and development licensing in the very near future at which point it will be able to confirm the onset of action and duration of effect. At this point, the company is not planning to launch its own cannabinoid infused beverages and is actively seeking a strategic partner with proven experience in beverage product development.

It is expanding capacity with the Phase 4 and Phase 5 expansions of its Moncton facility as well as the extraction agreement with Valens.  The company has an exclusive consulting agreement with TGS International LLC, a vertically integrated cannabis company and proven market leader in Colorado, to better understand the demand for certain derivative-based products, market share trends over time and for the development of commercial-scale extraction and product development and processing.


Video StaffVideo StaffFebruary 1, 2019

3min9401

SLANG Worldwide went public this week using the symbol SLNG and trading on the Canadian Securities Exchange. The shares were priced at $1.50 and jumped 33% on the first day of trading to $1.99. The company is a merger between Slang and Organa Brands, the vape powerhouse that has done over $100 million in sales since 2014. Firefly is also included in the new company.

Organigram Holdings Inc. reported its first fiscal 2019 quarter results with net sales for the three months ending November 30, 2018, of $12.4 million, up 419% from $2.4 million in Q1’2018.  Sales rose 287% sequentially as the impact of legal adult use sales in Canada continues to be felt on the income statement. Net income for the quarter was $29.5 million

Sproutly Canada, Inc. announced financial results for the quarter ending November 30, 2018. The company reported a net loss of C$2.8 million or $0.02 per diluted share for the quarter versus last year’s net loss of C$473,405 for the same time period. In the filing, Sproutly noted that it has not generated any revenues from operations and has incurred losses since inception. The company has an accumulative deficit of $12,312,832

Innovative Properties Inc. d/b/a Nabis Holdings entered into an agreement with Canaccord Genuity Corp. and Eventus Capital Corp. for a brokered private placement of debenture units of up to C$30,000,000.

Dixie Brands Inc.  (CSE: DIXI.U) and Khiron Life Sciences Corp. (OTCQB: KHRNF) have signed a binding letter of intent to establish a 50/50 joint venture to introduce a full line of cannabis-infused products to the Latin American market.

Israel is set to pass a law allowing exports of medicinal cannabis, the Finance Ministry said last week, as the county ramps up its attempt to woo more investment and bolster state coffers. The bill passed its third reading in the Israel parliament in December and is now waiting for the cabinet and Prime Minister Benjamin Netanyahu to sign it into law.

 


Debra BorchardtDebra BorchardtJanuary 31, 2019
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3min1980

 Organigram Holdings Inc. (OTCQX: OGRMF) has surpassed making one million cannabis pre-rolls since the legalization of adult use recreational cannabis in October 2018. The company said that it credits the automation of its processes along with surging consumer demand for the success of its large-scale production.

“At Organigram, we are proud to be among a select group of licensed producers who have been able to rise to the challenge of large-scale pre-roll production,” says Greg Engel, CEO, Organigram. “Our operations team has done an amazing job introducing automation to important parts of our process, building our overall capacity while retaining our focus on product quality.”

Organigram said that very few licensed producers have been able to supply the market with dried cannabis pre-rolls which are in very high demand. The demand can be blamed partly on the limitations the country set at the onset of legalized adult use sales. Vaping products and edible won’t be available for purchase until later this year. Making pre-rolls the most convenient of options for consumers.

Knowing these limitations, Organigram said it expected demand for cannabis pre-rolls to be in line with other regulated markets at approximately 10%, although sales to this point have surpassed that due to high customer demand and industry under-supply. The company said that pre-rolled products represent approximately 12% of all its gross sales. Organigram currently supplies Edison Cannabis and Trailblazer 0.5g pre-rolls to nine provinces from coast to coast.

“We take our commitments to our partners and customers very seriously,” says Engel. “Through an aggressive but highly actionable growth strategy, meaning that with the expansion of our team, its expertise, and our facility, we are on track to deliver on our strategic promises.”

Expansion Update 

Organigram also gave an update on the expansion of its Moncton Campus located in New Brunswick. Phase 4A,  is currently underway and will offer the Organigram team 31 new grow rooms and a new mechanical room. As the Company’s Phase 4A construction progresses, Phase 4B construction also begins to take shape with 32 new grow rooms. Phase 4C will follow with 29 new grow rooms.


StaffStaffJanuary 29, 2019
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6min2790

It’s time for your Daily Hit of cannabis financial news for January 29, 2019.

On The Site

Sproutly

Sproutly Canada, Inc. (OTCQB: SRUTF)  announced financial results for the three and nine months ended November 30, 2018. The company reported a net loss of C$2.8 million or $0.02 per diluted share for the quarter versus last year’s net loss of C$473,405 for the same time period. The company also delivered a $9.5 million net loss for the nine months ending November 30.

In the filing, Sproutly noted that it has not generated any revenues from operations and has incurred losses since inception. The company has an accumulative deficit of $12,312,832 and negative cash flows from operating activities for the period from January 17, 2017 to November 30, 2018. To date, the company’s activities have been funded through financing activities.

New Mexico

The New Mexico Medical Cannabis Program racked up $106 million in sales in 2018 for a 23% increase over 2017. Patient enrollment grew by 45% from 2017 to 2018 and now counts 67,574 patients in the system. It’s easy to see an imbalance here. The patient count grew faster than sales.

The largest provider in the system Ultra Health said that the problem is plant count limits combined with regulatory hurdles. The company was the largest provider in the state with a market share of 15.4% in 2018 and reporting $16 million in revenue for the year.

In Other News

Valens GroWorks Corp. (OTC: VGWCF)  announced that it has entered into a multi-year extraction services agreement with Organigram Inc. (OTC: OGRMF) for cannabis and hemp extraction services. Valens will extract cannabis flowers and trim from Organigram’s Moncton operation as well as hemp to produce extract concentrate. In turn, the concentrate will be used by Organigram to produce oils and, eventually, derivative edible and vaporizable cannabis products. The legalization of cannabis edibles and other derivative based products in Canada is expected later this year. In addition, under the terms of the Agreement, Valens will also provide lab services for Organigram as needed.

Alternate Health Corp.(OTCQB: AHGIF) has done a non-brokered private placement of unsecured convertible notes under prospectus exemptions available under applicable securities legislation in the aggregate principal amount of up to C$12,000,000 ($9,000,000), maturing and payable on the date that is three years from the date of issuance. The private placement proceeds will assist in funding Alternate Health’s expansion into California’s adult-use cannabis industry, including key acquisitions. With licensed facilities in Los Angeles and Humboldt County, Alternate Health is actively marketing the Company’s software to leading players in the industry. In addition to funding expansion opportunities in product distribution and CBD marketing, private placement proceeds will be used in Alternate Health’s CanaPass business and for general working capital purposes.

Flower One Holdings Inc.  (OTCQB: FLOOF)  announced a new licensing agreement and Brand Partnership for cannabis-product fulfillment in Nevada. HUXTON is an Arizona-based lifestyle cannabis brand known for their curated, consistent, multi-strain blended products. Flower One is now licensed to manufacture, distribute and sell HUXTON’s signature cannabis products to all cannabis retailers in Nevada.


StaffStaffJanuary 28, 2019
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5min4580

Organigram Holdings Inc. (OTCQX: OGRMF) reported its first fiscal 2019 quarter results with net sales for the three months ending November 30, 2018, of $12.4 million, up 419% from $2.4 million in Q1’2018.  Sales rose 287% sequentially as the impact of legal adult use sales in Canada continues to be felt on the income statement.

Net income for the quarter was $29.5 million, or $0.195 per share on a diluted basis versus a net loss of $(1.2) million, or $(0.012) per share in Q1’2018. It was also a big jump sequentially from the fourth quarter net income of $18.0 million, or $0.152 per share on a diluted basis.

“The first quarter of 2019 is just the start of what we expect to be a year of tremendous growth,” said Greg Engel, Organigram’s Chief Executive Officer. “We’ve always believed the Moncton Campus would be a competitive advantage for us being able to produce high-quality indoor-grown product at a low cash cost of cultivation.  Our first quarter results confirmed that as we reported an adjusted gross margin of 71%.”

The company said that the gross margin percentage, excluding fair value adjustments on biological assets, increased to a record 71% during Q1’19 compared to 25% in the prior year comparative quarter and 50% in Q4’2018. Gross margin increased to $51.7 million in Q1’2019 from $1.3 million in Q1’2018 and $32.5 million in Q4’2018. If the company excludes fair value adjustments on biological assets, these figures would be $8.8 million$0.6 million, and $1.6 million, respectively.

Looking Ahead

“While we continue to work hard to take advantage of our enviable inventory build to drive increased sales we are already well underway preparing for the derivative and edibles launch during the fall of 2019,” added Greg.

Organigram said that fiscal 2019 sales will continue to be dominated by adult-use recreational revenue and that the second fiscal quarter will be the first full quarter of adult-use recreational sales for the company. Net revenue for the quarter is expected to be at least twice that of Q1 and currently, inventories are at $91.4 million up from $45.0 million at year-end August 31, 2018.

The company said it is also actively looking at outsourcing part of its “available for extraction” inventory balance as it represented approximately $38.0 of the $91.4 million inventory balance at quarter-end.

The earnings statement also noted that the budget for Phase 4 of the Moncton Campus expansion has increased from the original $110 estimate to $120 to $125 million due to the increased cost of steel, the timing of winter construction, and expedited timelines. Phase 4A is expected to come online in April 2019 with 31 grow rooms, 4B in August 2019 with 32 grow rooms, and 4C in the Fall of 2019 with 29 grow rooms bringing the company’s target production capacity to 62,000 kg/yr, 89,000 kg/yr, and 113,000 kg/yr, respectively. The company had spent approximately $37 million on Phase 4 by the end of Q1’19.

Last week, Organigram entered into an agreement with 1812 Hemp, a New Brunswick based industrial hemp research company to secure supply and support research and development on the genetic improvement of hemp through traditional plant breeding methods. As part of the deal, Organigram has access to approximately 6,000 kg of dried hemp flower harvested in the fall of 2018, which it intends to purchase and begin to send for extraction within the first calendar quarter of 2019.

 


Debra BorchardtDebra BorchardtDecember 14, 2018
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4min7130

Organigram Holdings Inc. (OTC: OGRMF) reported a 131% increase in net sales of $12.4 million for the 2018 fiscal year versus $5.4 million in 2017. Sales for the fourth quarter increased 76% to $3.2 million versus last year’s $1.8 million for the same time period. Organigram said that the sales to the adult recreational use market will be reflected in the first quarter of fiscal 2019 which includes the three months ending November 30, 2018.

The company also reported net income of $20.5 million in 2018 up from $(10.9) million in 2017. Most of those gains came from the fourth quarter where Organigram clocked net income of $18 million versus a loss of $2 million for the same quarter last year.

“The importance of 2018 cannot be overstated for Organigram as well as the industry,” said Greg Engel, the Company’s Chief Executive Officer. “We are incredibly proud of our ability to meet the challenges of scaling our business in preparation for the adult recreational use market. We are pleased with our progress to date and believe that we have performed well in a highly competitive space while always maintaining a sustainable cost structure. Ultimately, it is our view that our Moncton Campus will be seen as a crown jewel in the industry as it is able to produce consistent, high-quality indoor grown product at scale to support our brands with the lowest dried flower cultivation costs reported to date in Canada.”

Gross margins increased to $52.5 million in 2018 from $(3.3) million in 2017. The company said that excluding fair value adjustments on biological assets, those figures would be $6.5 million and $(1.9) million, respectively.

Registered medical patients increased to 15,730 in 2018 from 7,404 in 2017 or 112%.

Looking Ahead

The company said that its 2019 sales will be dominated by adult recreational use revenue and that the company estimates first-quarter sales alone will top that of the full year for fiscal 2018. This despite only a portion of that quarter will include adult use sales. Organigram went even further and said that second quarter 2019 sales will beat the first quarter based on purchase orders received to date.

Organigram said that it believes that it currently has the leading market share position in the Maritime provinces of New BrunswickNova Scotia, and Prince Edward Island with a strong presence in AlbertaManitobaNewfoundland, and Ontario. As a reminder, the company has signed adult-use recreational supply deals or listing agreements with customers in nine out of the ten Canadian provinces (Quebec is the exception) and has already shipped to all nine of those provinces. Quebec remains a target for 2019.


William SumnerWilliam SumnerOctober 25, 2018
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3min6310

It has been a little more than a week since recreational cannabis sales were launched in Canada, and already the policy has become a big hit. Millions of dollars in cannabis sales have already been recorded, and in the province of British Columbia alone there have been more than 21,000 transactions. Although some cannabis companies, like MedMen, have posted large revenues with considerable expenses to counter its gains, other cannabis companies have enjoyed much rosier financial outcomes; such as Delta 9 Cannabis Inc. (NINE), THC BioMed Intl Ltd.  (THC), and Organigram Holdings Inc.  (OGI).

Delta 9 Cannabis Inc.

Earlier this week, Delta 9 announced that within the first seven days of legalization, its Delta 9 Cannabis Store subsidiary logged roughly 9,600 transactions; generating CAD$736,124 in revenue. The majority of its revenue came from the sales of dried cannabis and to a lesser extent the sale of ancillary products and accessories. Although online sales were restricted to 10% of its initial in-store inventory, the company received a total of 1,583 online orders, of which 622 were same-day deliveries. The first day of legal recreational cannabis sales blew away all of our expectations,” said Delta 9 CEO John Arbuthnot in a statement. “We launched online sales of cannabis just after the stroke of midnight on October 17… By 4 a.m., we had sold out all the product set aside for online sales…”

THC BioMed Intl Ltd.

Although THC BioMed did not post its sales figures for the last week, the company did announce that it has sent its third shipment to the British Columbia Liquor Distribution Branch and that all of its strains and pre-rolls have already sold-out.

Organigram Holdings Inc.

Also enjoying early success in Canada’s new adult-use cannabis market is Organigram. Providing cannabis to a number of Canadian provinces, the company has reported more interest than initially expected. In the province of Ontario, for example, the Ontario Cannabis Store’s website has received more than 1.3 million unique visits and approximately 100,000 online orders within the first 24 hours of retail sales. “The launch of the Canadian adult recreational cannabis market has already exceeded our expectations in many ways,” commented Organigram CEO Greg Engel. “Consumers have immediately shown tremendous support for this new marketplace and incredible interest in our own portfolio of recreational brands, driving a phenomenal volume of early sales.”


Debra BorchardtDebra BorchardtJuly 30, 2018
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4min4732

It’s time for your Daily Hit of cannabis financial news for July 30, 2018.

On The Site

Scythian Biosciences

Last month Scythian Biosciences agreed to sell its interests and assets in Argentina, Columbia, and Jamaica to Aphria Inc. in a deal valued at $193 million. Now the company is taking that money to enter the Florida Medical Marijuana market in a deal valued at C$136 million.

Scythian signed a letter of intent (LOI) to purchase CannCure Investments Inc, which is an Ontario-based company that is itself in the process of acquiring an interest in the Florida-based 3 Boys Farms, along with The Healthcare Organization. In addition, the deal includes a Florida agricultural company that has a license to operate as a Medical Marijuana Treatment Center in the state. The deal is expected to close on or about October 15, 2018.

Insys Therapeutics

The FDA giveth and the FDA taketh away. On July 27, 2018, Insys Therapeutics (INSY) announced that the U.S. Food and Drug Administration declined to approve the company’s New Drug Application for Subsys, an opioid-based painkiller, on the grounds that it was potentially unsafe.

News of the denial on Friday sent Insys shares sliding by 9% to $6.62. For the last several years, Insys shares have been on the decline, due in large part to the company’s ongoing legal issues.

Organigram

Canadian-based Organigram Holdings Inc. (OGRMF) stock rose over 2% to approximately $3.43 after the cannabis delivered solid results for its fiscal third quarter. The company reported sales of C$3.7 million for the fiscal third quarter versus last year’s C$1.9 million in the same time period.  The company also reported net income of C$2.8 million for a sequential increase of 162% compared to $1.1 million in the second quarter. This easily topped last year’s third-quarter loss of $C2.3 million.

In Other News

Phivida Holdings

Phivida Holdings Inc. (PHVAF) won the approval of its Form 211 by FINRA, and the approval to graduate on to the OCTQX Best Market as a foreign issuer, with full DTC eligibility now in process. The Company’s common shares are scheduled to commence trading on the OTCQX under the symbol “PHVAF” effective July 30th, 2018.

Village Farms International, Inc.

Village Farms International, Inc. (VFFIF) and Emerald Health Therapeutics, Inc. (EMHTF) announced that their 50/50 joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms, has received its cannabis sales license from Health Canada. Pure Sunfarms is now permitted to immediately begin selling product from its expanding inventory of high-quality dried cannabis, including to Emerald Health Therapeutics, under their previously announced supply agreement, as well as to address significant demand from other licensed producers. This sales license also positions Pure Sunfarms to secure supply agreements with provincial government distributors for the imminent legal adult-use marketplace.


Debra BorchardtDebra BorchardtJuly 30, 2018
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3min8140

Canadian-based Organigram Holdings Inc. (OGRMF) stock rose over 2% to approximately $3.43 after the cannabis delivered solid results for its fiscal third quarter. The company reported sales of C$3.7 million for the fiscal third quarter versus last year’s C$1.9 million in the same time period.  The company also reported net income of C$2.8 million for a sequential increase of 162% compared to $1.1 million in the second quarter. This easily topped last year’s third-quarter loss of $C2.3 million.

“Our fiscal third quarter was transformational for the Company,” read the company statement. “Our production capabilities have increased exponentially, we launched our adult recreational brand strategy and have signed agreements with a number of provinces and private retailers as well as announcing key significant investments from both a strategic and international perspective. As we head into the launch of the adult use recreational market we believe Organigram is well positioned to build upon its domestic medical business into becoming a national player in the adult recreational market and a global player in the medical market.”

The company’s cultivation the cost per gram for dried flower came in at C$0.80 per gram “all-in” which includes direct labor and materials, allocated overhead and depreciation. Excluding depreciation, the cost was C$0.58 /gram.

Organigram reported that its cannabis oil sales volume increased 39% sequentially to 768,400 milliliters from the second quarter and jumped 452% over last year’s third quarter. The sales volume for dried flower increased 28% sequentially from the second quarter to 303,428 grams and rose 55% over last year’s 196,129 grams.

The company is in solid financial position with $156 million in cash and short-term investments (up from $34 million at the August 31, 2017 year-end). Still, there is $98 million in long-term debt and convertible debentures.

Last week, Echelon Wealth Partners initiated coverage on Organigram with a speculative buy rating and a $7 price target.

 

Looking Ahead

The company said that its Phase 4a (26 grow rooms) and 4b (27 grow rooms) construction expansions began in Q4 including a substantially complete 40-megawatt (peak capacity) substation worth $4 million – total cost of Phases 4a and 4b (including the $4 million spent on the substation) estimated to be $70 million bringing target production capacity to 89,000 kg/annum. Phase 4c (24 grow rooms) which has an estimated cost of $40 million would bring target production capacity to 113,000 – construction scheduled to begin in January 2019.


William SumnerWilliam SumnerJuly 23, 2018
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6min3070

It’s time for your Daily Hit of cannabis financial news for July 23, 2018.

On the Site

Acreage Holdings

Acreage Holdings continues to quickly take charge in dominating the U.S. cannabis scene. Today’s news of raising $119 million will comfortably position the company to go public on the Canadian Securities Exchange this year. In addition to raising what could be the largest private round in the U.S. cannabis industry, Acreage completed the roll-up of control positions in several U.S. states.

PotNetwork

Penny stock cannabis company PotNetwork Holdings Inc. (POTN) reversed its recent decision to become a fully reporting SEC company on Sunday. Just a days ago on July 16, PotNetwork said it had filed a Form 10 with the Securities and Exchange Commission (SEC) to become a fully reporting company.

The Ultimate Meet-Cute: Hollywood & Weed

Although it’s no secret that many Hollywood stars have been known to indulge in cannabis use from time to time, most have been reluctant to publicly open up about their affinity for cannabis. But now that recreational cannabis is legal in California, it seems like every celebrity with even a modicum of fame is rushing to cash in on the legal cannabis industry.

In Other News

CV Sciences

Hemp oil supplier and manufacturer, CV Sciences (CVSI), announced that it has applied to list on the NASDAQ Capital Market. Until approved, the company will continue trading on the OTC Markets under its current symbol, CVSI. “We believe up-listing from the OTC Market to the Nasdaq Capital Market will increase corporate visibility, improve liquidity, and broaden awareness in the financial markets,” said CV Sciences CEO Joseph Dowling. Additionally, the company’s Board of Directors has approved a reverse stock split of all outstanding shares of common stock. If approved by stockholders, the company will have a ration sufficient to meet NASDAQ’s minimum bid price requirement.

Namaste Technologies

Namaste Technologies (NXTTF) announced today the filing of its unaudited third quarter financial statements. Revenue for the quarter rose by 32% from $3.1 million to $4.1 million, compared to the same period in the previous year. The increase in revenue was attributed to organic growth in the company’s vaporizer business and was generated in several key markets. The gross profit margin declined from 22% to 21%, but overall, gross profits rose from approximately $700,000 to $900,000. “We are pleased to see a 32% increase in quarterly revenue compared to the same period last year, due to organic growth in the Company’s vaporizer business,” stated Namaste CFO, Kenneth Ngo. “The Q3 results are very encouraging especially considering that Namaste divested its U.S assets and revenue which accounted for 14.4% of the total revenue during Q3 of 2017.”

Organigram Holdings Inc.

Organigram Holdings Inc. (OGRMF) today gave shareholders an update on the progress of the expansion of its cannabis production facility, located in Moncton, New Brunswick. The company is in the final stages planting the remaining three of the sixteen three-tier Phase 3 cultivation rooms. Staggered harvests from the company’s Phase 3 cultivation rooms are expected to begin in August. Construction on the facility’s Phase 4 expansion has already started and will be completed over three stages in 2018 and 2019 and should cost the company approximately $110 million. Once completed, Organigram’s cultivation capacity will increase to 113,000 kilograms per year. “We are pleased to successfully complete our latest expansion project on time and on budget to meet the needs of the existing domestic and international medical market as well as the launch of the recreational adult-use market in Canada on October 17, 2018,” said Greg Engel, CEO of Organigram.



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