OrganiGram to Purchase Adjoining 10 Acres in order to Accommodate Expansion of its Production Potential
By Marijuana.Ca staff on August 31, 2016
In a press release issued on August 31, 2016, OrganiGram Holdings Inc. announced that it has entered an agreement to purchase a 10 acre property and 136,000 sq ft building that is adjoining to its current property in Moncton, New Brunswick.
The company required the additional real estate to facilitate the expansion of its production potential, necessary to accommodate the demands of the pending recreational market. The recently closed financing of $23 million, and the purchasing of an additional 10 acre property - will provide the finance and material growth of its production and processing infrastructure.
"We're very pleased to enter into this agreement with OrganiGram and we congratulate them on their rapid success to date," said Paul Moore, Vice President and General Manager of Commercial Properties Limited. "This transaction will facilitate their growth and provide many new jobs here in Moncton. It's always exciting to be able to support growth in the local business community."
"This month has been transformational for OrganiGram and is a demonstration of the Company's disciplined approach to business development. With the closing of our bought deal financing last week, OrganiGram became financially positioned to expedite and execute our expansion strategy. This property acquisition represents the next step in that process and enables us to achieve our expansion goals while maintaining the regulatory and operating benefits of being situated on one property. By adding this incremental acreage, OrganiGram more than triples our potential operating footprint, more than quadruples our potential production footprint, and provides the necessary flexibility for phased growth and development of our commercial scale extracts production and processing platform," says Denis Arsenault, CEO of OrganiGram.