Organigram Sends First Shipment of Indoor-Grown Dried Flower to Israeli Cannabis Producer, Canndoc Ltd.
August 14 2020 - 5:00AM
Business Wire
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent
company of Organigram Inc. (the “Company” or “Organigram”), a
leading licensed producer of cannabis, today announced that it has
sent its first shipment of bulk dried flower to Canndoc Ltd.
(“Canndoc”), one of Israel’s largest and most established medical
cannabis producers, and a subsidiary of InterCure Ltd. (TASE:
INCR). The shipment is part of Organigram’s multi-year deal with
Canndoc and is estimated to be worth approximately $2.4M CDN.
Canndoc has been a pioneer in pharmaceutical-grade cannabis for
more than 12 years. Its GMP-approved medical cannabis products are
sold in pharmacies in Israel, and it holds international
cultivation and distribution agreements in the European Union and
Canada.
As previously disclosed, Organigram will provide a guaranteed
3,000 kg of high quality, indoor-grown dried flower product to
Canndoc by December 31, 2021 for processing and distribution into
the Israeli medical market, and may provide an additional 3,000 kg
during the same time period at Canndoc’s option, subject to certain
conditions.
Canndoc will source indoor-grown dried flower from
Organigram.
“We are proud to offer clients like Canndoc the quality of
indoor-grown cannabis,” says Greg Engel, CEO, Organigram. “Our
agreement with Canndoc reflects the value of our ongoing investment
in state-of-the-art growing technology, and our stalwart commitment
to consistency and quality.”
About InterCure and Canndoc
InterCure is the first public company on the Tel Aviv Stock
Exchange to hold a valid and permanent license for the entire
medical cannabis value chain through its 100% ownership in Canndoc.
Canndoc is an Israeli medical cannabis producer, licensed by the
Israeli Ministry of Health since 2008. Canndoc is a leading pioneer
in the research, cultivation, processing and distribution of
pharma-grade cannabis-based products to licensed patients,
hospitals, physicians, research and governmental organizations.
Canndoc is focused on pharmaceutical-grade cannabis and is
conducting R&D programs and clinical trials in its genetics.
Canndoc is experienced in climatized greenhouse cultivation and has
developed a unique production method for pharma-grade cannabis
which is scalable and profitable, with expertise in all links of
the value chain to the end-products. Canndoc operates two sites in
Northern and Southern Israel, as well as joint ventures for
cultivation and distribution in European Union and Canada. Visit
https://www.canndoc-pharma.com/
In addition, to its 100% ownership of Canndoc, InterCure holds
two other biotech investments: i) 12.27% stake in Regenera,
clinical-stage biopharmaceutical company focused on developing a
novel drug for neurological disorders currently at Phase 3 clinical
trial in NAION after receiving FDA Fast Track designation and ii)
8.88% stake in Novellus, a Jerusalem based company, developing a
novel technology for precision oncology therapies.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a NASDAQ Global Select 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 Company's global footprint. Organigram has also developed a
portfolio of legal adult use recreational cannabis brands including
The Edison Cannabis Company, Trailer Park Buds, Ankr Organics and
Trailblazer. Organigram's facility is located in Moncton, New
Brunswick and the Company is regulated by the Cannabis Act and the
Cannabis Regulations (Canada).
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 that change supply quantities; risks associated with
international jurisdictions including regulatory risk; receipt of
any required permits from Health Canada and other authorities;
including general risks related to COVID-19 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200814005052/en/
For Investor Relations enquiries, please contact: Amy Schwalm
Vice President, Investor Relations Amy.Schwalm@organigram.ca (416)
704-9057 For Media enquiries, please contact: Marlo Taylor
mtaylor@gagecommunications.ca
Organigram (NASDAQ:OGI)
Historical Stock Chart
From Apr 2024 to May 2024
Organigram (NASDAQ:OGI)
Historical Stock Chart
From May 2023 to May 2024