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Organigram Holdings Inc. Provides Corporate Updates
MONCTON, New Brunswick, June 23, 2020–(BUSINESS WIRE)–Organigram Holdings Inc. (“Organigram” or the “Corporation”) (TSX: OGI) (NASDAQ: OGI) announces a number of corporate updates.
At-the-Market Program Completion
Earlier this month the Corporation completed its at-the-market equity program previously announced on April 22, 2020, issuing an aggregate of 21,080,229 common shares for gross proceeds of approximately CAD$49 million.
Legal Action
A legal action has been commenced in the Court of Queen’s Bench in Alberta, which action seeks damages against many of the largest Canadian cannabis companies (including Organigram). The action is not certified, and does not particularize the claims against Organigram or the other companies. Organigram does not comment on uncertain information as a matter of policy, but is making this statement due to the questions in the market that may result from this action. The Corporation will continue to monitor this matter as it may develop.
Trailer Park Buds Rebrand
After reviewing perception around our Trailer Park Buds brand with Health Canada, the Corporation is making some changes to its newly launched brand and logo. In the immediate term, Organigram will move to a modified version of the logo. Longer term, the Corporation is exploring options for a permanent logo and brand name combination for its large format value brand. The Corporation will continue to have this large format value offering in market throughout.
About Organigram Holdings Inc.:
Organigram Holdings Inc. is a NASDAQ and TSX 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 high-quality, indoor-grown cannabis for patients and adult recreational consumers in Canada, as well as developing international business partnerships to extend the Corporation ‘s global footprint. Organigram has also developed a portfolio of legal adult use recreational cannabis brands including The Edison Cannabis Company, Ankr Organics and Trailblazer. Organigram’s primary facility is located in Moncton, New Brunswick and the Corporation is regulated by the Cannabis Act and the Cannabis Regulations (Canada).
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