Organigram Holdings Inc.

Organigram Holdings Inc.

September 10, 2014 07:30 ET

Organigram to Increase Growing Capacity by 500% Over Next 4 Months

MONCTON, NEW BRUNSWICK--(Marketwired - Sept. 10, 2014) - OrganiGram Holdings Inc. (TSX VENTURE:OGI)(PINKSHEETS:OGRMF) (the "Company") is pleased to provide an update on the expansion currently underway at its Medical Marijuana facility in Moncton, NB.

On July 14th, the Company began construction on three additional grow rooms, each of which will consist of 72 flowering lights. These rooms are expected to begin production on October 15th, 2014. Additionally, the company will begin construction of a further 9 flowering rooms on October 1st, 2014. These 72 flowering light rooms are expected to begin producing in December 2014.

Once completed, this phase of expansion will add 12 grow rooms totaling 864 flowering lights to the current facility. This increase will represent an additional 3,000kg of production per year, which represents an annual revenue increase of $21,000,000.

CEO Denis Arsenault states, "This is a very exciting time for Organigram and all of our shareholders. This is the first stage of a multi-stage expansion plan and we are very pleased with the speed at which we have been able to execute."

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.

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On Behalf of the Board of Directors of Organigram,

Denis Arsenault, President & 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 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.

Contact Information

  • OrganiGram Holdings Inc.
    Brett Allan
    Director of Investor Relations
    (416) 907-4148