fbpx
QQQ
-2.49
316.84
-0.79%
DIA
-2.00
312.11
-0.64%
SPY
-2.91
381.49
-0.77%
TLT
+ 0.60
150.62
+ 0.4%
GLD
-2.07
175.30
-1.19%

Organigram Receives Government Approval For 17 More Cultivation Rooms

June 24, 2019 10:42 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Organigram Receives Government Approval For 17 More Cultivation Rooms

Organigram Holdings Inc. (NASDAQ:OGI) is more than doubling its number of cultivation rooms after receiving approval from Health Canada.

The authorization will add 17 cultivation rooms to the cannabis producer's previously licensed 13, the company said Monday. 

Why It Matters

The 17 additional rooms increase Organigram's annual production capacity by 14,000 kilograms, giving Organigram 61,000 kilograms of total output each year.

That total is slightly down from a previously projected 62,000-kilogram figure due to one room shifting to a later phase of the company's plans, Organigram said. 

Organigram will now begin moving plants into the newly approved spaces. It expects to start harvesting product from the 17 rooms by the end of September.

Organigram's phase four expansion is expected to be complete by the end of this year.

"The expansion of our facility and production capacity will help ensure we have additional product for extraction for the launch of the edibles and derivatives market before the end of 2019," Organigram CEO Greg Engel said in a statement. 

Need more cannabis news? Check out all of our coverage here.

What’s Next

The company now plans to submit licensing amendments to Health Canada, which Organigram hopes will allow for approvals to continue on a continuous cycle. Phase 4B of the company's expansion has 33 rooms awaiting approval, the company said. 

Related Links:

OrganiGram Applies For NASDAQ Listing

OrganiGram's Engel Looks Forward To 'Cannabis 2.0'

Posted-In:

Cannabis Markets

Related Articles

What Happens To Marijuana After Five Years Of Storage?

This article by Allie Beckett was originally published on Weedmaps, and appears here with permission. read more

The Week In Cannabis: Stocks Spike By Double Digits On Earnings, Strong Sales, Financings

Cannabis stocks widely outperformed the markets after a slew of financing deals and strong earnings reports. read more

Michigan Cannabis Sales Near $1B In First Year Of Adult-Use Sales

Cannabis sales in Michigan spiked during December, bringing the total to $984.6 million for 2020. read more

These 3 US States Could Legalize Weed In 2021

This article by Louis O'Neill was originally published on The Green Fund, and appears here with permission. read more

French Energy Firm Backs Hemp-Fueled Gas Plant With $23M

French energy company Qairos Energies is financing a project that will use locally grown hemp for the production of hydrogen and methane, according to HempToday. read more