Hunchbackgeek
5 days ago
OGI-Organigram Launches FAST™ Nanoemulsion Gummies https://www.organigram.ca/organigram-launches-fasttm-nanoemulsion-gummies
November 26th, 2024
Organigram Launches FAST™ Nanoemulsion Gummies
Company Continues to Lead in Innovation with Launch of Edison Sonics Gummies Featuring Groundbreaking FAST™ Nanoemulsion Technology
Clinically Proven to Deliver up to ~50% Faster Onset, Improved Bioavailability and Nearly Double the Cannabinoid Delivery at Peak Effect
Toronto, Ontario – November 26, 2024 - Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), (the “Company” or “Organigram”), a leading licensed producer of cannabis, is thrilled to finally launch Edison Sonics gummies, Organigram’s inaugural product powered by FAST™, the Company’s groundbreaking nanoemulsion technology and a first-to-market innovation.
FAST™ products deliver up to ~50% faster onset and improved bioavailability delivering nearly double the cannabinoids at peak effect compared to traditional edible products. This is made possible as FAST™ is an advanced nanoemulsion technology delivery system that breaks down cannabinoids into tiny particles, allowing them to be absorbed more quickly and efficiently during consumption. These results have been scientifically verified through one of the largest pharmacokinetic studies in the cannabis industry, completed in January 2024 in compliance with Health Canada regulations.
The groundbreaking patent-pending technology, branded FAST ™ (Fast Acting Soluble Technology), is the first innovation to be commercialized by Organigram leveraging the output of the Product Development Collaboration (“PDC”), established to focus on developing next-generation cannabis products.
“We pride ourselves on consistently being at the forefront of cannabis innovation, pushing boundaries to deliver products that resonate with consumers while firmly being grounded in science and research-based technology,” said Borna Zlamalik, Senior Vice President, R&D and Innovation at Organigram. “We are extremely excited about this launch as our Edison Sonics gummies will be a game-changer in the edibles category and FAST™ will redefine how consumers experience cannabis. We are thrilled to be leading the charge in transforming the way cannabis is enjoyed.”
Edison Sonics are launching with 2 exciting flavours and will be available in all major provinces starting early December:
Kiwi Berry Burst (Sativa) – Strawberry, Kiwi, Passionfruit
Red Razz Chiller (Indica) – Raspberry, Pomelo
Each pack will include 2 gummies, with a total of 10mg THC + 10mg CBD per pack (5mg THC + 5mg CBD per gummy).
“Organigram continues to raise the bar with consumer-focused innovation, a key characteristic that distinguishes us in a highly competitive industry. Organigram has consistently delivered revolutionary products that go on to become consumer favourites,” said Beena Goldenberg, CEO of Organigram. “As we drive our innovation strategy to solidify our leadership in Canada, we’re confident that yet again, an innovation-led product by Organigram will be widely embraced by cannabis enthusiasts.”
Inspired by scientific discoveries that shape the world, Edison is here to push the barriers of what’s possible. Edison brings the joy and excitement back to cannabis – as the brand willing to wonder and willing to be playfully experimental.
Edison has a history of delivering industry-leading innovation with products like hash infused pre-rolls and first-to-market Edison JOLTS. Edison Sonics Gummies are a perfect fit within the brand’s portfolio, contributing to the ethos of the brand.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a NASDAQ Global Select Market and TSX listed company whose wholly owned subsidiary Organigram Inc. is a licensed producer of cannabis, cannabis-derived products and cannabis infused edibles in Canada.
Organigram is focused on producing high-quality cannabis for adult recreational consumers, as well as developing international business partnerships to extend the Company's global footprint. Organigram has also developed and acquired a portfolio of legal adult-use recreational cannabis brands, including Edison, Holy Mountain, Big Bag O’ Buds, SHRED, SHRED’ems, Monjour, Tremblant Cannabis and Trailblazer. Organigram operates facilities in Moncton, New Brunswick and Lac-Supérieur, Quebec, with a dedicated edibles manufacturing facility in Winnipeg, Manitoba. The Company is regulated by Health Canada under the Cannabis Act and the Cannabis Regulations (Canada).
Hunchbackgeek
4 months ago
International Business https://investors.organigram.ca/international
Aligned to its vision, “To be a respected global leader in the emerging cannabis movement”, Organigram is committed to expanding its market presence by adding to its product offering and enhancing its geographical presence. This vision is enabled by strategic merger and acquisition opportunities and assessing expansion into international markets.
Currently, Organigram has 5 international partners who are medical cannabis leaders in their geographies.
CANNDOC*: In June 2020, Organigram entered into a multi-year agreement to supply dried flower to one of Israel’s largest and most established pharmaceutical cannabis producers, Canndoc Ltd., a subsidiary of InterCure Ltd. In November 2022, the companies jointly entered into a new multi-year agreement wherein Organigram will supply up to 20,000 kg of dried flower over multiple years.
CANNATREK*: In May 2018, Organigram entered into agreement with Cannatrek, a fully licenced and proudly Australian vertically integrated medicinal cannabis enterprise to supply medical cannabis products. Organigram currently ships Grade A Indoor, Bulk Cannabis flower to Cannatrek in Australia that is sold under Cannatrek’s brands.
MEDCAN AUSTRALIA*: In August 2022, Organigram signed a new agreement with Medcan Australia, a front runner in the Australia Medicinal Cannabis Industry to supply high quality medical cannabis flower.
Medcan Australia previously had an agreement with Laurentian Organic Inc. prior to Organigram's acquisition of the company.
SANITY GROUP: In May 2023, Organigram entered into a supply agreement for dried flower with the medical division of German cannabis company Sanity Group, a health and life sciences company based in Berlin, Germany, dedicated to the medical applications of cannabinoids. Under the terms of the agreement Organigram will provide high-quality, indoor-grown dried flower product to Sanity Group and grant Sanity Group strain exclusivity on certain genetics.
4C LABS: In August 2023, Organigram further expanded its global footprint by entering into a supply agreement to provide dried Medical Cannabis flower to 4C LABS, a rapidly scaling healthcare, technology, and pharmaceutical company focused on virtual prescribing, pharmaceutical distribution, and clinical development of cannabis-based products for human health in the United Kingdom. Organigram has been chosen by 4C LABS to be the preferred supplier of Medical Cannabis flower to deliver innovative new products to the UK market and expects to supply approximately 600 kilograms of high-quality, indoor-grown dried flower product within the first year.
*Activities under the Agreement are subject to compliance with all applicable laws, including receipt of all requisite approvals from Health Canada, the Israeli Medical Cannabis Agency (IMCA) the Australian Therapeutic Goods Administration (TGA), and any other applicable regulatory authorities.
Given recent political changes in the United States, Organigram continues to monitor and develop potential U.S. entry strategies that could include THC, CBD and other minor cannabinoids, while also monitoring recreational legalization opportunities in European jurisdictions with a particular focus on German opportunities based on the size of the addressable market and recent regulatory changes.
Hunchbackgeek
5 months ago
Organigram Invests in Leading German Cannabis Company Sanity~Group... https://www.organigram.ca/press-releases/organigram-invests-in-sanity-group-a-leading-german-cannabis-company
Organigram Invests in Sanity Group, a Leading German Cannabis Company June 25th, 2024
Second “Jupiter” investment strengthens Organigram’s European access, including to the high-growth market of Germany.
Highlights:
Concurrent to the investment, Organigram and Sanity Group have entered into a new supply agreement to include significantly higher volumes and the intention to work together on the commercialization of Organigram’s brands and intellectual property (IP) in Germany.
Investment in the form of an unsecured convertible note combined with a minority equity stake in Sanity Group. Organigram entitled to appoint a representative to Sanity Group’s Board of Directors.
TORONTO, June 25, 2024 --- Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), (the "Company" or "Organigram"), a leading licensed producer of cannabis, is pleased to announce its first significant strategic investment aimed at expanding its presence in the European cannabis market. Using proceeds from its Jupiter strategic investment pool, the Company has agreed to invest €14 million (~ C$21 million) initially comprised of €11.5 million via an unsecured convertible note and €2.5 million to purchase equity interests from existing Sanity Group founders and shareholders providing the Company with a minority stake in Berlin-based cannabis company Sanity Group GmbH (“Sanity” or “Sanity Group”). In addition, the Company may advance another €3 million (~ C$4.5 million) as a second tranche of the unsecured convertible note for future opportunities to be pursued by Sanity subject to the satisfaction of certain conditions.
Sanity has quickly established itself as a leader in the German cannabis market where it maintains a robust distribution network with over 2,000 pharmacies working with approximately 5,000 physicians in Germany. Sanity currently holds approximately a 10% share of the German medical cannabis market where its medical brand, avaay, is estimated to hold the number two position and has shown impressive revenue growth since the recent legal reforms regarding partial legalization of adult-use recreational cannabis in Germany. Additionally, Sanity is currently participating in a Swiss recreational cannabis pilot program in the Basel canton, with one store operational and a plan to expand its retail footprint in Switzerland. In the coming months, Sanity is expected to invest in proprietary distribution channels providing it with what it believes will be a competitive advantage that capitalizes on new medical consumers entering the market.
The Company's investment also expands the previously announced supply agreement between Organigram and Sanity Group. Until such time as Organigram receives EU-GMP certification at its Moncton production facility, Sanity Group has committed to purchase significantly higher annual volumes of dried flower under the new agreement as compared to the previous one. Once Organigram receives EU-GMP certification in Moncton, Sanity Group will shift its annual purchase commitment from Organigram to a percentage of its overall assortment of flower offerings for the European market. Organigram expects to complete its final EU-GMP audit before the end of the calendar year. Additionally, the new commercial agreement contemplates, subject to terms and conditions, avenues by which Organigram can launch its industry-leading brands, products, and IP in the German market.
“A meaningful presence in Germany and Europe are essential to achieving our ambitions to be a global cannabis leader. We believe that after Canada, Germany will emerge as one of the more promising markets under a nationally legal model,” said Paolo De Luca, Chief Strategy Officer of Organigram. “With its evolving program for medical cannabis and recent limited legalization for recreational consumption, Germany may eventually adopt a full adult-use cannabis framework. This growth opportunity is magnified by positive regulatory developments in several neighbouring European jurisdictions where Sanity Group is expanding its presence,” he concluded.
“Our investment in Sanity Group establishes a significant European footprint for us. Organigram benefits from Sanity’s expertise and insights in the German (and in the future) other European cannabis markets. This has the potential to provide a pathway for us to launch our own brands and industry-leading IP through Sanity’s extensive distribution network. This relationship also bolsters our European revenue generation through a significantly expanded commercial agreement,” said Beena Goldenberg, CEO of Organigram.
“We are extremely pleased to close this strategic financing with Organigram who has consistently demonstrated itself to be a leader in the highly competitive and regulated Canadian cannabis market,” said Finn Hansel, co-founder and CEO of Sanity Group. “With its commitment to responsible R&D, innovation and product development, including through its relationship with BAT (British American Tobacco), we feel that we have chosen a partner that will support us in becoming a leader in the rapidly expanding legal European markets,” he concluded.
The German and European Cannabis Market
The German cannabis industry is poised for significant expansion following the recreational cannabis legal reforms enacted on April 1, 2024. According to BDSA estimates, Germany is expected to bring in ~USD$1.5 billion in total sales in 2024, set to grow to ~USD$3.7 billion by 2027. This remarkable growth is driven by a 30-50% increase in medical cannabis prescriptions since April 1, 2024, a likely result of the regulatory framework changes that may have accelerated the shift by consumers from the illicit market to the legal market. Germany’s cannabis industry progress is also anticipated to create a ‘ripple effect’, potentially shaping economic, regulatory, public health, and cultural landscapes across Europe. The success of Germany's cannabis industry could serve as a catalyst for a more unified and progressive approach to cannabis legalization and regulation across the continent.
Strategic Rationale and Potential Opportunities
Establishes a significant European footprint for Organigram through a leading regional cannabis company with a presence in multiple markets.
Organigram benefits from Sanity’s expertise and insights in the German (and in future) other European cannabis markets.
Provides a pathway for Organigram to launch its own brands and industry-leading IP in Europe through Sanity’s extensive distribution network.
Bolsters Organigram’s European revenue generation through an expanded commercial agreement with improved terms and commitments.
Further investment opportunities may allow Organigram to increase its unsecured convertible note and ownership position in Sanity Group.
Investment Details
€14 million initial investment consists of €11.5 million structured as an unsecured convertible note (the “Note”) issued by Sanity Group to the Company as lender and €2.5 million of already issued equity interests purchased from existing shareholders.
The Note yields 10% annual paid-in-kind (PIK) interest for a minimum of three years and is convertible at a discount to the price established by Sanity Group’s next qualified financing into the most senior class of shares (currently Series B).
Organigram has an option, subject to certain terms and conditions, to invest an additional €3 million on substantially the same terms as the Note which would bring its total investment to €17 million.
Sanity’s use of proceeds includes investments in various initiatives that are expected to give it access to over 100,000 patients, and aid in recreational cannabis pilot project expansion in applicable regions.
Notable previous investors in Sanity Group include BAT, Casa Verde Capital (Snoop Dog), Will.i.am (Black Eyed Peas), Navy Capital, Scooter Braun and Alyssa Milano amongst others.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a NASDAQ Global Select Market and TSX listed company whose wholly owned subsidiary Organigram Inc. is a licensed producer of cannabis, cannabis-derived products and cannabis infused edibles in Canada.
Organigram is focused on producing high-quality cannabis for adult recreational consumers, as well as developing international business partnerships to expand the Company’s global footprint. Organigram has also developed and acquired a portfolio of adult-use recreational cannabis brands, including Edison, Holy Mountain, Big Bag O’ Buds, SHRED, SHRED’ems, Monjour, Laurentian, Tremblant Cannabis and Trailblazer. Organigram operates production facilities in Moncton, New Brunswick and Lac-Supérieur, Quebec, with a dedicated edibles manufacturing facility in Winnipeg, Manitoba. The Company is regulated by Health Canada under the Cannabis Act and the Cannabis Regulations (Canada).
About Sanity Group
Berlin-based Sanity Group aims to improve people’s quality of life through the use of cannabinoids and the endocannabinoid system. In addition to pharmaceuticals, the focus is also on wellbeing and cosmetic products that utilize cannabinoids. Sanity Group, founded in Berlin in 2018 by Finn Age Hänsel, includes Vayamed and AVAAY Medical (medicinal cannabis), Endosane Pharmaceuticals (minority investment in finished pharmaceuticals), and VAAY (wellbeing). Close to Frankfurt, Sanity Group also operates a storage facility for cannabis extracts and flower. More information can be found on sanitygroup.com/press.
Forward-Looking Information
This news release contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, events, performance or achievements of Organigram and Sanity Group to differ materially from current expectations or future results, performance or achievements expressed or implied by the forward-looking information contained in this news release.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information include applicable regulatory and market conditions in Germany and other European markets in future, the ability to conclude terms related to any future licensing and brand opportunities in Germany, the receipt of any required regulatory and shareholder approvals and consents from time to time and factors and risks disclosed in the Company’s most recent annual information form, management’s discussion and analysis and other Company documents filed from time to time on SEDAR+ (see www.sedarplus.ca) and filed or furnished to the Securities and Exchange Commission on EDGAR (see www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information included in this news release are made as of the date of this news release and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE: https://www.organigram.ca/press-releases/organigram-invests-in-sanity-group-a-leading-german-cannabis-company
For Investor Relations enquiries:
Max Schwartz, Director of Investor Relations
investors@organigram.ca
For Media enquiries:
Megan McCrae, Senior Vice President – Global Brands and Corporate Affairs
megan.mccrae@organigram.ca
Hunchbackgeek
5 months ago
OGI Signs 3-Year Suppy Agreement, Avida UK
Organigram Signs Three Year Supply Agreement with Avida Medical in UK May 28th, 2024
https://www.organigram.ca/organigram-signs-three-year-supply-agreement-with-avida-medical-in-uk
Over a three-year period, Organigram expects to supply 1,700 kilograms of high-quality medical cannabis flower to Avida Medical, with 500 kilograms expected to be delivered in the first year of the agreement.
Avida Medical to become Organigram’s second international medical cannabis customer in the UK.
Organigram to grant Avida Medical strain exclusivity in the UK for three strains.
To date, Organigram has established international supply agreements with a total of seven medical cannabis customers in Australia, Germany, Israel, and the UK, aligned to its strategy to extend its reach beyond Canada into global markets.
Toronto, Ontario, May 28, 2024 – Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), (the “Company” or “Organigram”), a leading licensed producer of cannabis, is pleased to announce its second international medical cannabis customer in the UK, Avida Medical, a full-service medical cannabis and specials medicines manufacturing business.
Subject to the terms of the Agreement, the Company expects to supply 1,700 kilograms of high-quality, indoor-grown dried cannabis flower to Avida Medical in the UK over a period of three years.
"We are pleased to partner with Avida Medical in the UK, marking yet another exciting milestone for Organigram's expansion into the global market. As frontrunners in the cannabis industry, we recognize the immense potential of the UK market. Our decision to further expand into this market stems from our commitment to ensuring patients have access to reliable, high-quality medical cannabis offerings,” said Tim Emberg, Chief Commercial Officer of Organigram. “With our extensive industry expertise in cultivation and production, we are poised to elevate accessibility and cater to the evolving requirements of patients in the UK. We are confident that this strategic move will not only strengthen our international presence but also reinforces our objective of advancing global access to medical cannabis,” Emberg concluded.
“Our agreement with Organigram exemplifies our commitment to providing the highest quality medicine and service to patients. The UK is home to one of the largest patient populations using medicinal cannabis in Europe, and this is set to grow exponentially over the next four years. As the market matures, it is those producers and manufacturers that have focused on ensuring the highest quality of their products and processes, that will determine the companies that succeed,” commented Paul Parkinson, Chief Executive Officer, Avida Medical.
“This is a hugely positive collaboration for Avida Medical and brings us a step closer to becoming one of the pre-eminent manufacturers of medicinal cannabis products here in the UK,” he added.
FULL NEWS RELEASE HERE: https://www.organigram.ca/organigram-signs-three-year-supply-agreement-with-avida-medical-in-uk
Hunchbackgeek
7 months ago
Orginigram Second Quarter Fiscal 2024 Results May/14/2024
Organigram to Report Second Quarter Fiscal 2024 Results on May 14, 2024
TORONTO—(BUSINESS WIRE)—May 8, 2024—Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent company of Organigram Inc. (together, the “Company” or “Organigram”), a leading licensed producer of cannabis, announced today it will report earnings results for its second quarter fiscal 2024 ended March 31, 2024, on Tuesday, May 14, 2024, prior to market open.
The Company will host a conference call to discuss its results with details as follows:
Date: Tuesday, May 14, 2024
Time: 8:00 am Eastern Time
To register for the conference call, please use this link:
https://registrations.events/direct/Q4I9676693302
To ensure you are connected for the full call, we suggest registering a day in advance or at minimum 10 minutes before the start of the call. After registering, a confirmation will be sent through email, including dial in details and unique conference call codes for entry. Registration is open through the live call.
To access the webcast:
https://events.q4inc.com/attendee/619527249
Participants will receive their details via email.
A replay of the webcast will be available within 24 hours after the conclusion of the call at https://www.organigram.ca/investors and will be archived for a period of 90 days following the call.
About Organigram
Organigram is a NASDAQ Global Select Market and TSX listed company whose wholly owned subsidiaries include Organigram Inc. a licensed producer of cannabis, cannabis- derived products and cannabis infused edibles in Canada.
Organigram is focused on producing high-quality, cannabis for patients and adult recreational consumers, as well as developing international business partnerships to extend the Company’s global footprint. Organigram has also developed and acquired a portfolio of legal adult-use recreational cannabis brands, including Edison, Holy Mountain, Big Bag O’ Buds, SHRED, SHRED’ems, Monjour, Laurentian, Tremblant Cannabis and Trailblazer. Organigram operates facilities in Moncton, New Brunswick and Lac-Supérieur, Quebec, with a dedicated edibles manufacturing facility in Winnipeg, Manitoba. The Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).
Forward-Looking Information
This news release contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, events, performance or achievements of Organigram to differ materially from current expectations or future results, performance or achievements expressed or implied by the forward-looking information contained in this news release.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information include factors and risks disclosed in the Circular, and the Company’s most recent annual information form, management’s discussion and analysis and other Company documents filed from time to time on SEDAR+ (see www.sedarplus.ca) and filed or furnished to the Securities and Exchange Commission on EDGAR (see www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information included in this news release are made as of the date of this news release and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
For Investor Relations enquiries:
Max Schwartz, Director of Investor Relations
investors@organigram.ca
For Media enquiries:
Megan McCrae, Senior Vice President – Marketing and Communications
megan.mccrae@organigram.ca
Hunchbackgeek
7 months ago
Organigram to Report Second Quarter Fiscal 2024 Results on May 14, 2024
TORONTO—(BUSINESS WIRE)—May 8, 2024—Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent company of Organigram Inc. (together, the “Company” or “Organigram”), a leading licensed producer of cannabis, announced today it will report earnings results for its second quarter fiscal 2024 ended March 31, 2024, on Tuesday, May 14, 2024, prior to market open.
The Company will host a conference call to discuss its results with details as follows:
Date: Tuesday, May 14, 2024
Time: 8:00 am Eastern Time
To register for the conference call, please use this link:
https://registrations.events/direct/Q4I9676693302
To ensure you are connected for the full call, we suggest registering a day in advance or at minimum 10 minutes before the start of the call. After registering, a confirmation will be sent through email, including dial in details and unique conference call codes for entry. Registration is open through the live call.
To access the webcast:
https://events.q4inc.com/attendee/619527249
Participants will receive their details via email.
A replay of the webcast will be available within 24 hours after the conclusion of the call at https://www.organigram.ca/investors and will be archived for a period of 90 days following the call.
About Organigram
Organigram is a NASDAQ Global Select Market and TSX listed company whose wholly owned subsidiaries include Organigram Inc. a licensed producer of cannabis, cannabis- derived products and cannabis infused edibles in Canada.
Organigram is focused on producing high-quality, cannabis for patients and adult recreational consumers, as well as developing international business partnerships to extend the Company’s global footprint. Organigram has also developed and acquired a portfolio of legal adult-use recreational cannabis brands, including Edison, Holy Mountain, Big Bag O’ Buds, SHRED, SHRED’ems, Monjour, Laurentian, Tremblant Cannabis and Trailblazer. Organigram operates facilities in Moncton, New Brunswick and Lac-Supérieur, Quebec, with a dedicated edibles manufacturing facility in Winnipeg, Manitoba. The Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).
Forward-Looking Information
This news release contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, events, performance or achievements of Organigram to differ materially from current expectations or future results, performance or achievements expressed or implied by the forward-looking information contained in this news release.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information include factors and risks disclosed in the Circular, and the Company’s most recent annual information form, management’s discussion and analysis and other Company documents filed from time to time on SEDAR+ (see www.sedarplus.ca) and filed or furnished to the Securities and Exchange Commission on EDGAR (see www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information included in this news release are made as of the date of this news release and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
For Investor Relations enquiries:
Max Schwartz, Director of Investor Relations
investors@organigram.ca
For Media enquiries:
Megan McCrae, Senior Vice President – Marketing and Communications
megan.mccrae@organigram.ca
Hunchbackgeek
9 months ago
Organigram Applauds the Standing Committee on Finance’s Recommendation on Excise Duty
February 28th, 2024
https://www.organigram.ca/press-releases/organigram-applauds-the-standing-committee-on-finances-recommendation-on-excise-1
Revised Excise Framework Remains One of the Most Critical Reforms Required to Ensure the Long-Term Viability of the Cannabis Industry
Toronto, Ontario – February 28, 2024 - Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), (the “Company” or “Organigram”) enthusiastically supports the Standing Committee on Finance’s recent recommendation on the Excise Duty framework.
In a recently released report, titled ‘Shaping our Economic Future: Canadian Priorities,’ the House of Commons Standing Committee on Finance has unanimously recommended adjusting the excise duty formula for cannabis so that it is limited to a 10% ad valorem rate, and modifying the duty's operation, including applying excise stamps on cannabis products.
Based on a survey conducted by the Cannabis Council of Canada, licensed producers currently pay up to 35% of top-line revenue in excise duties because of an erroneous assumption at the time of legalization that the price of cannabis flower would be approximately $10 per gram to the retail consumer. In reality, the price per gram of cannabis flower has fallen to as low as approximately $3 per gram, limiting cannabis companies’ ability to remain competitive on pricing, invest in innovation, retain jobs, and ultimately support the government’s stated objectives of illicit market conversion and promoting public health and safety.
“The pre-budget recommendation could not have come at a better time.” said Beena Goldenberg, CEO of Organigram. “Excise reform is critical to the long-term viability of the Canadian cannabis industry. The positive impact of the proposed reduction to a 10% ad valorem rate on the sustainability of the sector cannot be underestimated. We sincerely hope that the recommendation made by the Finance Committee is adopted by the Federal, Provincial and Territorial governments so that Canada can retain its position as global leader in the emerging cannabis movement.”
“We are also encouraged by recent reports indicating that the CRA is taking proactive measures to level the playing field by collecting more diligently from LPs who have fallen behind on their remittances for excise duties”, added Beena.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a NASDAQ Global Select Market and TSX listed company whose wholly owned subsidiaries include Organigram Inc. a licensed producer of cannabis, cannabis-derived products and cannabis infused edibles in Canada.
Organigram is focused on producing high-quality, cannabis for patients and adult recreational consumers, as well as developing international business partnerships to extend the Company’s global footprint. Organigram has also developed and acquired a portfolio of legal adult-use recreational cannabis brands, including Edison, Holy Mountain, Big Bag O’ Buds, SHRED, SHRED’ems, Monjour, Laurentian, Tremblant Cannabis and Trailblazer. Organigram operates facilities in Moncton, New Brunswick and Lac-Supérieur, Quebec, with a dedicated edibles manufacturing facility in Winnipeg, Manitoba. The Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).
Forward-Looking Information
This news release contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, events, performance or achievements of Organigram to differ materially from current expectations or future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information include adoption of budget recommendations and timing thereof, changes to market conditions, consumer preferences and regulatory climate and factors and risks as disclosed in the Company’s most recent annual information form, management’s discussion and analysis and other Company documents filed from time to time on SEDAR (see www.sedar.com) and filed or furnished to the Securities and Exchange Commission on EDGAR (see www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information included in this news release are made as of the date of this news release and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
For Media enquiries:
Megan McCrae
Senior Vice President, Global Brands and Corporate Affairs
megan.mccrae@organigram.ca
Organigram
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