OrganiGram Holdings Acquires A $10M Loan Facility From Farm Credit Canada
Farm Credit Canada has extended a $10M loan facility to OrganiGram Holdings Inc (OTCMKTS:OGRMF). The parent company of Organigram Inc. says that the loan will play a significant role in the expansion of its Moncton campus. The move coincides with an increasing demand for high-quality cannabis across Canada. According to Greg Engel, the CEO of Organigram, the investment in the company’s state-of-the-art facility is worth the money.
The completion of the facility will be in phases; Phase 4A in April 2019 and Phase 4B in August 2019. The loan is payable in five years’ time at a variable rate of interest. The company is optimistic that its timely completion will boost the production capacity eventually to 89,000 kg/yr.
Organigram’s success and growth trends on innovation and technology
The leading licensed producer of cannabis has been growing from one strength to another. Besides expansion plans, the company has been banking on innovation and technology. The two strategies have given the company significant milestones. Through its strategic plan, Organigram has been able to support Canada’s growing demand for high-quality adult recreational and medical products.
Part of its achievements include improvement of its electrical consumption through its new substation. The substation will provide a clean supply of 40 megawatts in power capacity. All this brings reputation to the team behind this success and according to Engel, there is much more to offer.
The CEO remarks, “Looking to the future, we continue to identify ways to maximize the efficiency of the production process and reduce our overall resource consumption.”
Organigram’s role in the burgeoning cannabis industry
Organigram has established a portfolio of brands such as Trailblazer, Ankr Organics, and Trailer Park Buds among others. It is also on standby for international business partnerships in case they come calling.
Meanwhile, it expects to reap big in the legalization of adult use of recreational cannabis in Canada. Many more countries have continued to lobby for the legalization of cannabis medical products known for treating various conditions.
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