OrganiGram Holdings Inc. has released financial statements for the 9-month period ended May 31st, 2015. The company reported a profit of $119,695 with sales in the third quarter at $230,053, a 238% increase from the previous quarter. Over 31,000 grams were sold during this period, representing a 182% increase.
OrganiGram said it’s well on track to meeting its projected sales of $500,000 and more than 1,000 registered patients. The company has also completed four additional flowering rooms, with anticipation that Health Canada will approve of them in the coming days.
OrganiGram has also secured $3 million in financing with $2 million coming from the Crown Corporation, Farm Credit Canada. President and CFO Roger Rogers commented, “Farm Credit has been a partner with OGI since the early stages and we truly appreciate their continued support and the exceptional relationship we have. This additional funding is a further sign of the success of the company and the leadership of our management team.”
The loan-financing is subject to the approval of the TSX Venture Exchange. All securities issued are subject to a hold period pursuant to applicable securities law.