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Organigram Receives Health Canada Licenses For Chocolate Production

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Organigram Receives Health Canada Licenses For Chocolate Production

Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) said Friday that it has obtained Health Canada approval for 16 additional cultivation rooms.

With the newly licensed cultivation rooms, Organiram’s Moncton campus will reach 89,000 kg of licensed capacity in year one and the completion of its Phase 4B expansion.

At the beginning of 2020, Organigram said it will move cannabis plants to these new rooms and expects to harvest the first products there by the end of April.

The first dried flower sales from these rooms should come during Organigram’s fiscal quarter ending May 31, the company said. 

The amendment contains an extended site perimeter for Phase 4C and Phase 5 and approval for an activities area that houses Organigram’s state-of-the-art chocolate line. 

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The new licenses are valid until March 27, Organigram said. 

“This is a dynamic time for Organigram and the industry as a whole. Cannabis 2.0 — the legalization of adult use recreational cannabis edibles, vape products, extracts and topicals — is a new era for cannabis here at home and around the world,” CEO Greg Engel said in a statement.

“Our physical expansion reflects our ambitious response to this new opportunity as well as our ongoing commitment to anticipating and meeting the demands of Canadian cannabis consumers for new and innovative cannabis experiences.”

Organigram’s shares traded 2.72% higher at $2.64 per share during Friday’s pre-market session.

Posted-In: Cannabis 2.0 edibles Greg Engel Health CanadaCannabis News Markets Best of Benzinga

 

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