ORGANIGRAM HLDGS I COM NPV (OTCMKTS:OGRMF) shares have been up and down for the year, they recently announced they received a renewal of its license to produce and sell dried marijuana and cannabis oil pursuant to the Access to Cannabis for Medical Purposes Regulations. OGRMF stock has had some volume spikes so far this year and it seems investors are processing the news.
The company said that renewal is a standard part of the ACMPR process, and was granted after Health Canada’s recent inspection of Organigram’s facilities and cultivation methodologies. “We approached this latest inspection with more confidence than we have ever had in the past,” stated Organigram CEO Greg Engel. “Considering the process improvements made by the team with the ongoing support and assistance of Health Canada, the level of comfort Canadian medical marijuana patients should have in Organigram is as high as any licensed producer in the Country.” Engel concluded, “The Organigram team allowed no margin of error in this latest inspection.”
ORGANIGRAM HLDGS I COM NPV (OTCMKTS:OGRMF) has taken the concept of “Canada’s Safest Cannabis” as an internal mantra, rolling out several multi-departmental initiatives as a strategy to commit to full transparency and quality control. The first initiative is slotted to begin in the coming weeks, with full Certification of Analysis being posted for clients’ review through Organigram’s client portal. “Client confidence and comfort are our only metrics for these initiatives,” noted Engel. “We’ll continue to challenge ourselves to find new and creative ways to assure Canadians that Organigram produces the highest quality, most consistent and safest products available.”
The Company is also pleased to announce that Organigram’s expansion project remains on target for completion in calendar Q4 2017. The project will add 110,000 square feet to its state-of-the-art production facility in Moncton, New Brunswick. Upon completion of this phase, the Company will have capacity to produce up to 16,000 kgs of cannabis.
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The company also has been killing it on the sales side of the ledger. The record-setting sales follow the release of Organigram’s newly harvested and tested marijuana. The crops were grown under the company’s new operating protocols which includes testing all harvested product to ensure the product’s purity. Those new procedures were implemented when traces of unapproved pesticides were detected in some of its dried and oil-based products harvested last year. That product was voluntarily recalled by the company.
“We believe we are regaining the trust of our clients and the sales record is indicative of the faith they have in our new protocols and in the quality of the new products,” said Ray Gracewood, Organigram’s Chief Commercial Officer. “The positive response we’ve received from these clients, both in their feedback to us, as well as in their willingness to purchase new product, has been gratifying.” Gracewood said Organigram has gone to great lengths to communicate openly and regularly with its clients about the issues surrounding the recalls. Additionally, the company recently improved its compensation offer to those who had purchased recalled product. All un-insured clients have received an account credit equal to 100 per cent of all purchases that were subject to the recalls.
“We see this as a step in the right direction,” said Gracewood. “Our clients have remained supportive and based on the relationships our client team has developed with them, we’re pleased to see clients have responded positively to the changes we’ve made.”
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 Access to Cannabis for Medical Purposes Regulations. In February 2017, Organigram was ranked in the top ten Clean Technology & Life Sciences Sector on the TSX Venture Exchange 50.
The Cannabis sector has been on a roll and is the hottest sector in US Markets and OGRMF is smack in the middle of these rising sub sectors. We will be watching news about them and the industry as a whole. For continuing coverage on shares of OGRMF stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!