We’re always combing the cannabis markets for interesting companies, and ORGANIGRAM HLDGS I (OTCMKTS:OGRMF) is one that is coming up on our radar today. The company is a licensed producer of medical marijuana based in Moncton, New Brunswick. New Brunswick, for our less geographically inclined readers here in the States, is the Canadian province that is directly adjoined to the Northeastern border of Maine.
As we’ve mentioned numerous times here on Street Register, the entire country of Canada is set to enact nationwide legalization of marijuana for adult recreational consumption in July, and ORGMF is among those companies preparing for that eventuality right now.
ORGANIGRAM HLDGS I (OTCMKTS:OGRMF) announced that it has entered into a memorandum of understanding (MOU) with the Government of the Province of Prince Edward Island (PEI) for the distribution of cannabis to the adult-use recreational market. Through the MOU, PEI secures a supply of at least one million grams of recreational marijuana per year from Organigram.
“We are excited to finalize this agreement with the Government of Prince Edward Island,” says Greg Engel, Organigram’s Chief Executive Officer. “Particularly as a Maritime-based company, we are proud to support the Province’s efforts to move toward a responsible, sustainable and successful adult-use recreational market.”
“The province is very pleased to partner with Organigram in securing a safe supply of cannabis for the PEI market,” said Minister of Finance Heath MacDonald. “Islanders who choose to partake in recreational cannabis in PEI can be confident that the products available to them will be safe, of high-quality, and provided through licensed suppliers committed to cannabis education and responsible use.”
The PEI supply arrangement follows a memorandum of understanding Organigram signed in 2017 with the Government of New Brunswick (GNB) to supply a minimum of 5 million grams of cannabis a year. The GNB MOU is estimated to have a retail value of between $40 million to $60 million per year.
“There is tremendous cannabis expertise here in the Maritimes,” says Mr. Engel. “We have worked hard to assemble a local, world-class team of experts. We applaud PEI’s recognition of our homegrown industry leadership and its commitment to building – and formalizing – positive and productive working relationships with regionally-based companies like Organigram.”
As part of discussions with PEI, and as reflection of the organizations’ shared commitment to the safe and responsible implementation of new federal rules related to the adult-use recreational cannabis market, Organigram will also be working closely with the Government of PEI to develop and contribute to social responsibility programs that will provide ongoing education, helping ensure public safety remains a priority.
“There is no successful cannabis market or industry without an unwavering commitment to public safety,” says Ray Gracewood, Chief Commercial Officer, Organigram. “We are proud to work with PEI and share their vision of a thriving, responsibility-first recreational market.” (Source: Organigram.ca)
So not only will OGRMF be providing the Province of Prince Edward Island, which is just a short ferry from its base in Moncton, with an annual supply of 1.1 Tons (US) of high grade cannabis, but that is in addition to the minimum of more than 5.5 Tons it has already promised to the government of its own Province. That is some serious cannabis output, and is more than enough of a reason for us to stay glued to the OGRMF story as we go forward. Keep it locked to Street Register for updates, and we’ll deliver those important developments on OGRMF to you as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in ORGMF stock, short or long