Organigram Provides Update on COVID-19 Corporate Action Plan and Timing for Q3 Results

Nachrichtenquelle: Business Wire (engl.)
03.07.2020, 14:00  |  360   |   |   

Organigram Holdings Inc. (“Organigram” or the “Company”) (TSX: OGI) (NASDAQ: OGI) provides a corporate update on recent developments of the Company in relation to the worldwide COVID-19 pandemic and the continuing evolution of the Canadian cannabis industry.

Staffing Changes

In an effort to better align its production capacity to prevailing market conditions, Organigram has reduced its workforce by approximately 25%. The decision will affect approximately 220 employees including a small number who are not on temporary layoff. The Company will move forward with a skilled, leaner, cross-functional workforce of approximately 433 active employees operating out of its indoor production facility in Moncton, New Brunswick. Company-wide, Organigram has a total workforce of 609 employees this includes 84 employees remaining on temporary layoff who may be recalled if and when needed as the business requires.

“These decisions are never easy to make, but we are committed to ensuring the Company is appropriately sized relative to market conditions – we are incredibly grateful for the commitment that our affected employees have made in helping build the Company that Organigram is today” said Organigram CEO Greg Engel. Throughout the COVID-19 pandemic, Organigram has remained focused on proactive strategies to protect the health and safety of its workers both inside and outside of its production facility as a priority, while also focusing on maintaining the continuity of its business. With a reduced workforce, the Company believes it can continue to meet current and anticipated near term demand levels.

Production Changes

For the foreseeable future the Company will continue to cultivate less than the target production capacity of cannabis its Moncton campus was originally designed for, with a focus on bringing new cultivars to market and increasing the tetrahydrocannabinol (“THC”) and terpene profile of its dried flower to meet emerging consumer demand.

Q3 2020 and Reliance on Blanket Exemptive Relief

The Company announced that it is briefly postponing the timing for filing of its interim financial statements, interim management’s discussion and analysis and related certifications (the “Q3 Interim Filings”) for the interim period ended May 31, 2020 by approximately one week.

Organigram is relying on blanket exemptive relief granted by the Canadian securities regulatory authorities that permits it to delay the filing of its Q3 Interim Filings otherwise required to be filed by July 15, 2020 in accordance with the timelines prescribed by National Instrument 51-102 – Continuous Disclosure Obligations.

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