MONCTON. NB, Oct. 24, 2018 /CNW/ - Adult use recreational
cannabis is now legal in Canada
and Organigram Holdings Inc. (TSX VENTURE: OGI) (OTCQX: OGRMF), the
parent company of Organigram Inc. (the "Company" or "Organigram"),
a leading licensed producer of cannabis, is proud to be part of
this historic moment in Canadian history. The company is also
pleased to have collaborated with provinces and other
jurisdictional partners across the country, supporting the
successful launch of this new market.
"The launch of the Canadian adult recreational cannabis market
has already exceeded our expectations in many ways," says
Greg Engel, CEO, Organigram.
"Consumers have immediately shown tremendous support for this new
marketplace and incredible interest in our own portfolio of
recreational brands, driving a phenomenal volume of early
sales."
Organigram also recognizes the tremendous work being done by the
provincial authorities responsible for the sale and distribution of
recreational cannabis across the country.
"From the foresight required to develop back end sales systems
and secure inventory, to designing impeccable customer experiences,
to managing the extraordinary volume of sales, our partners
including the New Brunswick
provincial authority, Nova Scotia Liquor Corporation, Prince
Edward Island Liquor Control Commission, Newfoundland and Labrador Liquor Corporation,
Ontario Cannabis Store, Alberta Gaming & Liquor Commission and
Manitoba Liquor & Lotteries have offered Canadians – and the
world – a model of the kind of infrastructure necessary to help
this nascent market succeed," says Engel.
As an example of this incredible uptake, the OCS online store
received over 1.3 million unique visits within the first 24 hours
of operation, resulting in approximately 100,000 orders from
customers.
"In addition to the excellent bricks and mortar locations that
were ready to welcome customers across the country, the Ontario
Cannabis Store offered a seamless online environment that was able
to accommodate customer demand in the province."
In the Atlantic provinces and Alberta, Edison Cannabis Co. product was
available for sale at both retail locations and online, the result
of incredible work across all provinces to put their plans into
action and provide incredible consumer experience for the thousands
of consumers who wanted to be part of this landmark time in
Canadian history.
Collaborating to Meet Consumer Demand
In many jurisdictions, the volume of sales of recreational
cannabis significantly exceeded expectations. Organigram is working
collaboratively with its jurisdictional partners daily to make the
appropriate adjustments and respond to consumer demand.
"Within just a few days, we've seen just how excited Canadians
are to be able to access and explore legal recreational cannabis,"
says Tim Emberg, Vice President of
Sales and Commercial Operations, Organigram. "This intense interest
means we are working with our partners to fill orders as quickly as
possible. Given the extraordinary demand, we expect to be able to
ship more product this week to help address local inventory
concerns."
Much like initial reaction after legalization launches in other
adult recreational use markets, both retailers and licensed
producers will be working diligently to review their forecasts and
adjust as the market evolves.
"This is a new process for all of us and we will learn and adapt
as we go," says Engel.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a TSX Venture Exchange 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. In anticipation of the legal adult use recreational
cannabis market in Canada,
Organigram has developed a portfolio of brands including The Edison
Cannabis Company, Ankr Organics, Trailblazer and Trailer Park Buds.
Organigram's primary facility is located in Moncton, New Brunswick and the Company is
regulated by the Access to Cannabis for Medical Purposes
Regulations ("ACMPR").
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release contains forward-looking information which
involves known and unknown risks, uncertainties and other factors
that may cause actual events to differ materially from current
expectations. Important factors - including the availability of
funds, consummation of definitive documentation, the results of
financing efforts, crop yields - that could cause actual results to
differ materially from the Company's expectations are disclosed in
the Company's documents filed from time to time on SEDAR (see
www.sedar.com). Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date of this press release. The Company disclaims any intention or
obligation, except to the extent required by law, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE OrganiGram