Organigram Receives License Amendment, Conducts Temporary Layoffs

Organigram Holdings (TSX: OGI) (NASDAQ: OGI) this morning announced that it has received amendments from Health Canada approving the phase 5 expansion recently completed by the company.

Included in the approval is a two-floor production facility, which is expected to be used for all processing and packaging functions for the facility which includes all formats of products currently offered by the company. Also included is a new extraction facility, as well as purpose built harvest and drying rooms and support areas for the facility.

In addition to the license amendment, Organigram announced that it expects to temporarily lay off a “material amount” of staff as a result of the ongoing COVID-19 pandemic. The lay-offs are expected to be mix of voluntary and company-imposed so as to enable the firm to enact social distancing measures for the health of employees. The result is reduced production and packaging processes, the extent of which is not yet currently known.

Organigram Holdings last traded at $1.57 on the Nasdaq.

Information for this briefing was found via Sedar and Organigram Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.