Organigram Holdings (TSX.V: OGI) (NASDAQ: OGI), parent company of Organigram Inc., a leading licensed producer of cannabis, this morning announced that it has entered into an advance payment and purchase agreement with 703454 N.B. Inc. (carrying on business as 1812 Hemp). In accordance with the agreement, OGI will pre-fund hemp purchases to receive access to as much as 60,000 kilograms of dried hemp flower to be harvested during 2019 for extraction into cannabidiol (“CBD”) isolate. In January, the company entered into a purchase agreement with 1812 Hemp which granted OGI the first a right of first refusal on 1812 Hemp’s production of certain hemp cultivars. Purchase conditions of the dried hemp flower continue to be governed by the January agreement which secures supply. OGI will advance funds to 1812 Hemp for the purchase of specialized large-scale hemp harvesting and processing equipment to increase crop yields, contribute to improved efficiency and enhance preservation of harvested cannabinoids. Per the terms of the agreement, funds advanced by Organigram will be credited toward future hemp flower purchases. “Access to a large, consistent volume of CBD-producing hemp has become increasingly important as Canadians express their demand for CBD-rich products for use in both recreational and medical capacities,” Organigram CEO Greg Engel stated in the news release. “We’ve heard the call for CBD in the market and this agreement positions Organigram to meet that demand.”
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About Organigram Holdings Inc.
Organigram Holdings Inc. is a TSX Venture Exchange and NASDAQ Global Select listed company whose wholly owned subsidiary, Organigram Inc., is a licensed producer of cannabis and cannabis-derived products in Canada. Organigram is focused on producing the highest-quality, indoor-grown cannabis for patients and adult recreational consumers in Canada, as well as developing international business partnerships to extend the company’s global footprint. Organigram has also developed a portfolio of legal adult use recreational cannabis brands including The Edison Cannabis Company, Ankr Organics, Trailer Park Buds and Trailblazer. Organigram’s primary facility is located in Moncton, New Brunswick and the company is regulated by the Cannabis Act and the Cannabis Regulations (Canada). For more information, visit the company’s website at www.Organigram.ca.
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