MONCTON, N.B., Nov. 10, 2014 (GLOBE NEWSWIRE) -- OrganiGram Holdings Inc. (TSX-V:OGI) (OTC US:OGRMF) ("OrganiGram" or the "Company") is pleased to announce that through it's wholly-owned subsidiary, Organigram Inc., it has entered into a binding letter of intent (the "Letter of Intent") with Trauma Healing Centers Incorporated, pursuant to which OrganiGram will be the preferred supplier of medical marijuana to Trauma Healing Centers' patients.
Under the terms of the LOI, OrganiGram will produce the specified strains of medical marijuana requested by Trauma Healing Centers to treat its patients suffering from Post-Traumatic Stress Disorder ("PTSD"). The LOI commits OrganiGram to provide up to 1,500 kilograms of medical marijuana specifically for Trauma Healing Centers' patients in 2015, increasing to 3,000 kilograms in 2016 and by 20% each year thereafter. The LOI covers a term of 10 years with an option to extend by 5 years at the end of the initial term.
In addition, OrganiGram has agreed to collaborate with Trauma Healing Centers to conduct research related to PTSD and the use of medical marijuana for treatment.
"We are extremely happy to finally be cementing this long-term relationship with Trauma Healing Centers. The services Trauma Healing Centers provides to Canadian Veterans and First Responders is extremely important and we are proud to be in a position to assist in their mission," said Denis Arsenault, Chairman & CEO of OrganiGram.
Trauma Healing Centers is in the process of opening 13 centers across Canada. The first 4 centers are scheduled to open in Edmonton, Ottawa, Quebec and Halifax Region in January 2015. An additional 9 centers are scheduled to open across Canada by June 2015.
"Securing a consistent supply of the highest quality medicine for our patients is a vital part to the services we provide at Trauma Healing Centers. We are pleased that OrganiGram has guaranteed an ongoing supply of medicine for our patients and we look forward to a long and successful partnership," said Kyle Atkinson, President of Trauma Healing Centers.
About Trauma Healing Centers
Trauma Healing Centers strives to be a complete resource center, working to improve the health and quality of life of first responders, citizens and their families. Trauma Healing Centers is managed by a dedicated team of professionals and veterans focused on healing patients suffering from PTSD, chronic pain and illness through a multidisciplinary approach.
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 Marihuana for Medical Purposes Regulations.
Please visit www.organigram.ca for more information.
On Behalf of the Board of Directors of OrganiGram,
Director & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the 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, the results of exploration activities -- 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.
CONTACT: For further information please contact: Brett Allan, Director of Investor Relations OrganiGram Holdings Inc. (416) 907-4148 firstname.lastname@example.org
Source:OrganiGram Holdings Inc.