"We are excited to complete the formal acquisition process and look forward to continuing our working relationship with THC and their staff" said Greg Engel, CEO of Organigram. "Over the past two years, both companies have worked very well together and we're excited to further our work in supporting medical cannabis patients across Canada".
Trauma Healing Centers currently services over 3,500 patients across seven Canadian locations with plans to open seven more locations. "The relationship with Organigram will allow us the resources and expertise to increase our footprint and offer support to more potential patients across Canada" said Kyle Atkinson, President of Trauma Healing Centers. "Our strategic vision for Trauma Healing Centers is very much based on aggressive expansion, and we feel Organigram is the perfect partner to help us achieve this goal."
As previously communicated, THC will join the Organigram group thereby consolidating two leading medicinal cannabis players within the industry. THC will continue to operate independently by providing referrals based on client need to any licensed producer in Canada.
The finalized agreement consists of the issuance of 719,425 common shares of Organigram at a deemed value of $2.78 per share.
In February 2017, Organigram was ranked in the top ten Clean Technology & Life Sciences Sector on the TSX Venture Exchange 50.
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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.