Not to beat a dead horse or anything, but the Organigram (OGI.V) IR campaign of obfuscation continues afoot this morning with news the company has “entered an agreement for the acquisition of additional lands and premises adjacent to its existing property in Moncton, New Brunswick for $600,000 in cash.”
Why are they doing that? Well, “the Company intends to construct a purpose built infused products manufacturing facility on this newly acquired property,” says a news release, which doesn’t at all mention the product recall expansion the company whispered about last night in the hopes you would miss it.
Of course they plan to build a great new facility! Also, they’ll need to, because currently there’s bugger all on the property to speak of, in that it’s a small NB truck depot currently.
Here’s what it looks like.
Here’s a sketch of the property, where you can see what a coup this purchase
is will be if/when it closes:
Obviously it was really important to get this substantial news out today, with great detail, since the facility has only been for sale since July of 2015 and won’t be producing anything for months, and the deal likely won’t even be through due diligence until the end of March.
Very important stuff. Not like that information Organigram posted after close yesterday, when their brief news release informed investors that their Health Canada product recall, after banned and non-organic chemicals were found in their organic certified medicine, had been ‘extended.’
No detail on what was found. No detail on why the recall has been extended, or how much money it’s going to cost to replace the recalled product or whether it was a shoebox full of product that was involved or every single thing sold in 2016.
Nope, Organigram decided to share only the information it had to on that not very important issue, but this fucking truck stop in the middle of Cow Pasture, NB, that won’t have any facility of any sort relevant to the extraction of medical marijuana products within the next year, and that won’t even be in the company’s possession until the next quarter, and that was so important for their corporate well-being that they didn’t bother buying it in the 18 months it’s been available, right across the street from corporate HQ; that’s a news release worthy of waxing lyrical.
“Some of the most notable takeaways from the final Cannabis Legalization and Regulation Task Force report related specifically to cannabis edibles and derivatives. The report noted the expectation for edibles to have a broad market appeal and that they should be regulated at the federal level, drawing on the good production practices of the…”
No. Shut up. Stop talking Denis. At least, stop talking about this bullshit distraction news and start talking about how it is that your ORGANIC CERTIFIED MEDICAL MARIJUANA FACILITY HAD BANNED NON-ORGANIC CHEMICALS ON PRODUCT HEADING OUT TO SICK PEOPLE.
Also, tell me how this is possible:
Concurrent with the closing of the transaction, Organigram will consolidate the acquired 91 English Drive property with its existing ACMPR licensed facilities located at 35 English Drive.
How exactly will those two properties consolidate when there are three other commercial properties between them? Are you planning a skybridge? Maybe an underground tunnel network? Portals!
UPDATE: Portals not necessary, company owns the property backing onto it. Regardless:
This is now the third reprehensible news release in a row for this company, after their ‘last minute of 2016 before a three-day holiday‘ news release that revealed the initial product recall to a largely absent investor base.
Rubbish behaviour. The sort of investor-last stuff that is usually the SOP of OTC companies. Denis, you should be ashamed. Time to fess up, be clear with your investor base, explain what’s going on and quit tossing out distraction news.
— Chris Parry