OrganiGram secures $5M in credit to expand medical marijuana plant

A Moncton-based medical marijuana company that went public last summer has secured $5 million in credit, which it plans to use to accelerate its growth strategy.

OrganiGram Holdings Inc. has experienced a "significant increase" in patient registrations over the past few months and recently completed four new grow rooms,president Roger Rogers said in a statement on Wednesday.

The new rooms are expected to be in operation by the end of June, pending inspection by Health Canada, he said.

"We are very pleased to have negotiated a non-dilutive form of financing," said Rogers, referring to two letters of interest that will provide long-term debt totalling$5 million.

OrganiGram went public in August, saying it needed investors to expand its operations to meet the anticipated demand for its product.

Health Canada has estimated medical marijuana sales will hit $1.3 billion annually by 2024.