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MONCTON, NEW BRUNSWICK -- (Marketwired) -- 02/27/17 -- Organigram Holdings Inc. (TSX VENTURE: OGI)(OTCQB: OGRMF) (the "Company") announces that it has completed the investigation related to a recent contamination issue which resulted in voluntary recalls of medical cannabis products produced by the Company.
Denis Arsenault, Organigram's Chief Executive Officer, oversaw an extensive investigation that ultimately resulted in inconclusive findings with no hard evidence leading to the source of the contamination discovered. However, as a result of the contamination issue, the company has instituted a series of new protocols to prevent a reoccurrence of any issue of this nature. "We are determined to never have this happen again," said Arsenault. "The inquiry was thorough and was undertaken with the full cooperation and assistance of Health Canada and outside experts."
Seven new company-wide initiatives have now been implemented. They are:
Arsenault also announced changes to the Company's compensation plan for uninsured clients impacted by the recall. Organigram will now provide all clients without insurance coverage a full credit for their affected purchases. Details about this credit will be communicated directly to each client. The total value of these credits represents approximately $2.26M and will be reflected in the company's Q2 results scheduled for publication in April 2017.
"Since the January recall, testing of harvested crops has been more comprehensive and effective -- no trace of any contaminant has been detected," said Arsenault. "As well, the company is undergoing a recertification process with Ecocert, the organization that validates our organic standards. Ecocert suspended -- but did not remove -- our certification during the investigation, and has been fully supportive of our efforts to bring operations back to full compliance with the organization's standards," Arsenault continues.
The well-being and satisfaction of former, existing, and future clients remains a top priority of the Company. "We are working extremely hard to regain the faith and trust of our clients," he concluded.
For more information, visit www.organigram.ca
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 medical marijuana in Canada. Organigram is focused on producing the highest quality, condition specific medical marijuana for patients in Canada. Organigram's 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 expectation. Important factors - including the availability of funds, 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.Contacts: Organigram Holdings Inc. Larry Rogers Chief Operating Officer (506) 801-3567 Organigram Holdings Inc. Giselle Doiron Director of Investor and Media Relations (506) 801-8986 NEXT ARTICLE
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