MONCTON, NEW BRUNSWICK--(Marketwired - Oct 21, 2015) - OrganiGram Holdings Inc. (TSX VENTURE:OGI) (OGRMF) (the "Company") is pleased to provide an update to shareholders.
With the results of the recent Federal election, OrganiGram is well positioned to service the recreational marijuana market, as the only large, organic medical marijuana producer.
"We are confident that our products will be welcomed by all retail distribution points, as a significant portion of the consumers will want to experience an organic option," said Roger Rogers, President & CFO.
In addition, OrganiGram is continuing to experience an active and growing base of new patients. It has always been a top priority for the Company to ensure the timely registration of all new clients. It is an OrganiGram policy to guarantee patients supply of product at the time of registration and with each and every time a prescription refill is ordered. With the addition of new grow rooms and capacity, the Company has been able to continue their monthly double-digit growth and are quickly approaching 2,000 active registered patients.
The Company is currently in the process of preparing the Audited Year-End Financial Statements and anticipates their release to be in early December. As previously stated in a news release issued on July 30th, the Company was targeting Q4 sales of $500,000. However, this target was exceeded and, thus, based on experience, Management has increased their expectations and guidance for Q1 to be at $900,000 in sales.
"Our growth trend is continuing as planned and we are rolling out our business initiatives with precision. We are receiving very positive feedback on our products and our customer service. All of this aligned with an exceptional management team are providing the desired results for all our stakeholders", said Roger Rogers, President & CFO.
As announced on September 2, 2015, the Company received approval of four additional grow rooms, increasing the annual production capacity of the facility to 2,100kg. Over the last month, the rooms have been brought online and are entering the Company's production cycle. The initial harvest from these new rooms is expected in February of 2016.
Following the Supreme Court of Canada ruling in June and subsequent changes to the Health Canada regulations; OrganiGram has been preparing to provide its patients with the option to purchase Medical Marijuana in the form of oil extracts. It is anticipated that the Company will begin shipping oil extract to patients in the near future.
In an ongoing effort to provide the best quality service to patients, the Company has recently completed multiple internal improvements.
Mr. Rogers states, "We recently announced in our newsletter that we have re-branded the company to incorporate our Maritime heritage and theme, updating our website as well as introducing new client offerings while keeping in mind ease of use for our clients. These changes include the branding of strain names, comprehensive product details, and the launching of OGI Buzz to stay updated with the company, as well as additional items included in our welcome and registration packages. These changes will to help onboard our clients smoothly while providing a superior customer experience to all."
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,
Director and CEO
OrganiGram Holdings Inc.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press 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 operations -- 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.