Business
Organigram obtains $10M loan from Farm Credit Canada to continue to expand Moncton campus
Organigram obtains $10M loan from Farm Credit Canada to continue to expand Moncton campus ...
About this update from Organigram Global Inc.
[{"type":"text","content":"\n\n\n\nOrganigram obtains $10M loan from Farm Credit Canada to continue to expand Moncton campus\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONCTON, Dec. 7, 2018\n\n\n\nOrganigram Provides Facility Expansion Update \n MONCTON, Dec. 7, 2018 /CNW/ - 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 pleased to announce it has secured a loan from Farm Credit Canada (\"FCC\") in the amount of $10M, which will be used to finance the expansion of the Company's Moncton campus.  The debt is for a term of five years at a variable rate of interest, and currently at 6.70%.  The debt is secured against certain assets of Organigram.\n\"Organigram is wholly committed to meeting the significant and growing demand for high quality cannabis across Canada and standing ready to take on new opportunities around the world,\" says Greg Engel, CEO, Organigram. \"We are very proud to be investing once again in our state-of-the-art facility located here in Moncton, New Brunswick, increasing our production capacity and fostering cannabis growth expertise\". \nRecent Facility Expansion\nCurrently, construction continues as planned on Phase 4A and 4B of the Company's expansion. This expansion will continue to increase Organigram's production capacity with the additional state-of-the-art grow rooms coming online in April 2019 (Phase 4A) and August 2019 (Phase 4B) increasing the Company's target production capacity to 62,00 kg/yr and 89,000 kg/yr, respectively.\n\"The expansion of our facility represents the exceptional reputation of our team and products in the industry and among customers, and a focused strategic plan to ensure our continued global leadership\", says Greg Engel, CEO, Organigram. \"This increase in target production capacity further demonstrates Organigram's commitment and ability to support its partners and the growing demand across Canada for high quality adult recreational and medic...