MONCTON, NEW BRUNSWICK--(Marketwired - March 16, 2015) - OrganiGram Holdings Inc. (TSX VENTURE:OGI)(OTCQB:OGRMF) (the "Company") is pleased to announce that is has successfully completed an initial harvest from one of the three newly constructed grow rooms that were approved by Health Canada in December 2014. As a result, the Company has significantly increased production, available strains, and has been able to increase its registered patient list by 250%. It is anticipated that this growth will continue over the coming weeks with a further doubling of our active patients.
On March 4th, the Company completed a harvest of approximately 95lbs of saleable product. The Company will soon be completing two harvests of a similar size and expects to do so once every 5 weeks with the existing facility. With the anticipated upcoming approval of 4 additional grow rooms; the Company expects to increase the regularity of harvest to once every 2 weeks and the associated number of customers to be supplied with our product.
"This is a pivotal point for Organigram and the entire team has worked very hard to help get us here. We are extremely happy to be able to increase sales, reduce the wait list and have a larger selection of product availability for our patients. We are eagerly anticipating the completion of another 4 grow rooms which should be coming online in the next few weeks. I would like to thank all of our patients for their continued support and we look forward to continuing to provide the best quality product and customer service available," said Denis Arsenault, Chairman & CEO
The Company has granted 467,500 stock options at an exercise price of $0.67 per share to directors, officers and consultants pursuant to the Company's stock option plan. The options were granted on January 28, 2015, March 5, 2015 and March 16, 2015 and will vest with 50% of the issuance becoming exercisable upon the date of grant and the remainder vesting 10% annually on the annual anniversary of the grant date for a period of 5 years and expiring on the date that is 10 years following the grant date, subject to the terms of the Company's stock option plan. An additional 225,000 stock options were issued to an officer of the Company in accordance with the terms of his employment agreement on January 14, 2015 with an exercise price of $0.50 per share, being the closing price of the stock on January 13, 2015. These options will vest with 50% of the stock options becoming exercisable on the date of grant and the remainder vesting 10% annually on the annual anniversary of the grant date for a period of 5 years and expiring on the date that is 10 years following the grant date, subject to the terms of the Company's stock option plan. The option grants are subject to TSX Venture Exchange approval.
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.
Please visit www.organigram.ca for more information.
On Behalf of the Board of Directors of Organigram,
Denis Arsenault, Director & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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 exploration activities -- 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.