MONCTON, NEW BRUNSWICK--(Marketwired - March 30, 2016) -
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
OrganiGram Holdings Inc. (TSX VENTURE:OGI)(OTCQB:OGRMF) (the "Company") announces a collaboration with the Province of New Brunswick through Opportunities NB Inc. (ONB). Under a payroll rebate agreement, OrganiGram Inc. may earn payroll rebates up to a maximum of $ 990,000 over a 3-year period.
OrganiGram Inc. employs 43 full-time staff at its location in Moncton and is currently expanding to meet growth in the medicinal marijuana field while formulating further expansion plans in respect of forthcoming guidance from the Federal Government re a recreational marketplace. OrganiGram's business plan foresees significant expansion in its employee base in Moncton during the term of the agreement.
"Our industry has the potential to be a once in a generation opportunity for growth and economic development as we move towards a recreational marketplace. We are from New Brunswick and we're excited to invest at home where the advantages of a well-educated work force, low power rates and a competitive cost of living make New Brunswick and Moncton a logical place for our future," says Denis Arsenault, CEO of OrganiGram Inc.
About OrganiGram Holdings Inc.
OrganiGram Holdings Inc. is a TSX Venture Exchange listed company who's 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,
Denis Arsenault, Director and CEO
OrganiGram Holdings Inc.
For further information, please visit www.organigram.ca.
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, crop yields - 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.