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Individual
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Report #5 –
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4 Apr
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19
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23:00

19
Jun

2022

23:00

100

Summary:

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Due in U n i t 1 1U n i t 1 1
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Description
This assignment requires students to analyse a case
relevant to the

Required Materials
Leung, O. (2017). OrganiGram: Navigating the cannabis
industry with grey knowledge. Ivey Publishing.

Instructions
Review readings from unit 1.
Thoroughly read the case. It is recommended that
you read 2-3 times.
Prepare a 5-page report (12-point font, double
spaced not including the title page or reference
page), that addresses the following questions:

Describe the industry in which Organigram is
operating.
What factors contribute to the ambiguity faced
by Organigram?
What possibilities currently exist for
Organigram to grow? Will they change with
legalization and if so how?
What evaluation criteria should Organigram use
when assessing growth options while keeping
in mind the recommendations from the Task
Force?
What would you recommend Organigram’s next
steps be?
What changes may occur within the industry
that may impact Organigram’s growth?

Evaluation
Individual Case Report #5 will be marked in its entirety
out of 100. The following rubric indicates the criteria
students are to adhere to, and their relative weights to the
assignment overall.

ACT I V IT Y / C O M P E T E N C I E SACT I V IT Y / C O M P E T E N C I E S
D E M O N S T R AT E D D E M O N S T R AT E D

% o f% o f
F i n a lF i n a l

G ra d eG ra d e

1 . C o n t e n t ( 6 0 % )1 . C o n t e n t ( 6 0 % )

a. Described the background of the company
(Note: This section should set the context
for the analysis)

/15

b. Clearly stated the problem faced by
Organigram and its leadership (Note: What
speci[cally is the decision to be made within
the context of the case? Ensure you
speci[cally differentiate between the
problem and its symptoms.)

/10

c. Demonstrated a thorough analysis
supported by academic as well as other
sources (Note: The analysis should be in
response to the posed case questions and
should incorporate assigned readings, the
case and external sources.)

/25

d. Presented recommendations (action plan)
(Note: Ensure your recommendations are
supported by evidence from readings and
research).

/10

2 . C o m m u n i c a t i o n ( 2 5 % )2 . C o m m u n i c a t i o n ( 2 5 % )

a. Effective use of the English language –
spelling/grammar, sentence/paragraph
structure, etc.

/15

b. Report structure (Note: You should follow
structure presented in unit 1).

/5

c. Strength of introduction and conclusion. /5

3 . R e s e a rc h a n d I n f o r m a t i o n L i t e ra c y3 . R e s e a rc h a n d I n f o r m a t i o n L i t e ra c y
( 1 5 % )( 1 5 % )

a. APA Formatting (title, headings, and
references)

/5

b. Quality of research sources 10

To t a lTo t a l / 1 0 0/ 1 0 0

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9B17M115

ORGANIGRAM: NAVIGATING THE CANNABIS INDUSTRY WITH
“GREY KNOWLEDGE”

Opal Leung wrote this case solely to provide material for class discussion. The author does not intend to illustrate either effective or
ineffective handling of a managerial situation. The author may have disguised certain names and other identifying information to
protect confidentiality.

This publication may not be transmitted, photocopied, digitized, or otherwise reproduced in any form or by any means without the
permission of the copyright holder. Reproduction of this material is not covered under authorization by any reproduction rights
organization. To order copies or request permission to reproduce materials, contact Ivey Publishing, Ivey Business School, Western
University, London, Ontario, Canada, N6G 0N1; (t) 519.661.3208; (e) [email protected]; www.iveycases.com.

Copyright © 2017, Richard Ivey School of Business Foundation Version: 2017-08-09

From our strategic point of view, we are interested in jumping into the recreational marketplace
just because of its size and breadth . . . we expect ourselves and most of the LPs [licensed

producers] will probably play on both sides of the fence, medicinal and recreational . . . assuming,
and I’m sure that it will, that the medicinal marketplace will continue to thrive, even when the

recreational marketplace comes forward.

Larry Rogers, chief operating officer, OrganiGram

On December 1, 2016, the Task Force on Cannabis Legalization and Regulation (the Task Force) released
its final report.1 It was the result of a long process of consulting with many stakeholders, including patients,
various levels of government, and experts across Canada and the United States. The Task Force was
assembled in June 2016, soon after the Trudeau government announced (on April 20, 2016) that legislation
to legalize recreational cannabis would be introduced in the spring of 2017 with the intention of having it
become law in the spring of 2018. Several cannabis companies, including OrganiGram Holdings Inc.,
Canopy Growth Corporation, Aphria Medical Marijuana, Mettrum Ltd., and Aurora Cannabis Inc., had
already been supplying medical cannabis to patients in Canada. The size of the recreational market was
predicted to be approximately $5 billion2 and up to $22.6 billion if including the ancillary market (e.g.,
testing labs, security, and paraphernalia).3

With the potential to sell its product to this new market, the New Brunswick-based cannabis company
OrganiGram had already begun to prepare for expansion into the recreational market, even before the
government’s announcement was made.4 However, there were still several unknowns that made the
cannabis industry’s environment ambiguous. What would the timeline for legalization be? Who would be
allowed to grow cannabis and how much? Would there be any safety regulations to ensure that customers
would receive safe recreational products? Would there be regulations for drivers who medicated with and
drove under the influence of cannabis? Which part of the Task Force report recommendations would
actually become a reality? From a marketing perspective, if the current cannabis companies were known as
providers of pharmaceutical-grade cannabis, was it possible to adjust their brand to attract recreational
users? If so, how would they do it? According to OrganiGram chief operating officer Larry Rogers, several

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Page 2 9B17M115

decisions had to be made based on “grey knowledge.” Even though the Task Force had released its report,
it was still unclear which suggestions the federal government would adopt.

CANNABIS REGULATIONS IN CANADA

The Marihuana for Medical Purposes Regulations (MMPR) were enacted under the Controlled Drugs and
Substances Act in July 2013. Before the MMPR, the Marihuana Medical Access Regulations, enacted in
2001 and repealed in 2013, allowed patients to grow their own cannabis plants or have someone grow the
plants for them. The MMPR was an attempt to control the production and distribution of medical cannabis,
with licensed producers (LPs) being the only companies authorized by Health Canada to cultivate and/or
sell dried cannabis to patients who had prescriptions. The application process was very rigorous and, as a
result, a low percentage of applicants were granted licences. As of August 1, 2016, 1,561 applications had
been received, 253 had been refused, 419 were in progress, 54 had been withdrawn, and 801 were
incomplete.5 As of December 28, 2016, only 37 licences had been issued, with most of them in Ontario (22)
and British Columbia (8). Some companies had more than one licence, which meant that they had more
than one site because each licence was location-specific. Patients could legally register and buy their
medical cannabis at only one LP for each prescription.

A subset of the LPs also had licences to produce and/or sell fresh cannabis seeds or cuttings and cannabis
oil, with some companies holding more than one licence. Twenty-two licences for producing and/or selling
cannabis oil were held by only 18 companies. The authorization to produce and sell oils and fresh plant
material meant that companies could create and sell other products, such as cloned strains (clones) of
cannabis (i.e., starter plants). LPs were required to keep detailed records of all cannabis received (including
the name of the seller, the date and place of the transaction, and a full description of the product). In the
Task Force report,6 one of the recommendations was to implement a seed-to-sale tracking system. The oils
made by LPs were better for dosing than homemade oils because the amount of tetrahydrocannabinol (THC)
and/or cannabidiol (CBD) could not be clearly determined in the latter. For example, when a patient smoked
a joint made from dried cannabis, it was unclear how much THC was being inhaled. However, when using
cannabis oil, the dosage was measured by volume. When the Access to Cannabis for Medical Purposes
Regulations (ACMPR) was passed in August 2016, patients were once again allowed to grow their own
cannabis plants. Some LPs started selling clones to patients.7

The ACMPR permitted companies to sell oil in a “capsule or similar dosage form” but not edibles—
marijuana infused food products. OrganiGram was still in the research and development stage of capsule
production. However, the ACMPR allowed patients to “alter the chemical or physical properties of the fresh
or dried marihuana or cannabis oil,” meaning that patients could make their own edibles.8 OrganiGram
patients received a copy of Aunt Sandy’s Medical Marijuana Cookbook9 as part of their client welcome kit.

OrganiGram was the only LP on Canada’s east coast that had licences to cultivate (i.e., grow and process)
dried cannabis, produce fresh cannabis and cannabis oil, and sell all of these products. The first few LP
licences were granted in 2013.10 Its licences permitted it to produce up to 1,500 kilograms of dried cannabis
and 500 kilograms of cannabis oil and sell up to 1,200 kilograms of dried cannabis and 500 kilograms of
cannabis oil per year, within Canada.11 Also, medical cannabis plant cuttings and dried buds could be sold
and shipped to other LPs on a wholesale basis.

The only other LP in the Maritimes was Canada’s Island Garden Inc. (CIGI) in Prince Edward Island.
However, CIGI had a licence only to cultivate dried cannabis.12 OrganiGram received its licence to cultivate
dried cannabis on March 26, 2014, and received its oil licence on July 23, 2016. CIGI was licensed to

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Page 3 9B17M115

cultivate dried cannabis on June 16, 2016. The first licences to produce and sell cannabis oils were granted
in the summer of 2015.13

ORGANIGRAM COMPANY BACKGROUND

OrganiGram was founded in 2013 in Moncton, New Brunswick. In 2014, there were only approximately
17 staff members. The company employed 70 people as of December 2016, and it was looking forward to
expanding its workforce up to about 170 staff in the next year or two to staff its new and expanding facilities.
The organizational structure consisted of three levels: the C-suite (i.e., chief executive officer, chief
operating officer, chief financial officer, and chief commercial officer), directors, and employees in various
functions (e.g., garden workers and client support). Its facilities consisted of a main facility, a newly
acquired building next to the main facility, and the adjoining 10-acre (4.1-hectare) property with a 136,000-
square-foot (12,635-square-metre) industrial building.

In addition to being the first medical cannabis company in the Maritimes to be licensed to grow and sell
medical cannabis, it was a certified organic medical cannabis producer. This organic certification meant that
it needed to follow more rules than most of its competitors. Canada had only three organic LPs.14 Organigram
was the only Maritime cannabis company with licences to cultivate, produce, and sell cannabis products.

In a Canadian Broadcasting Corporation report, it was announced that at the end of March 2016, the New
Brunswick government awarded payroll rebates of up to $990,000 over three years to OrganiGram to help
create up to 113 new jobs in the province.15 Chief executive officer Denis Arsenault stated, “We are from
New Brunswick and we’re excited to invest at home, where the advantages of a well-educated work force,
low power rates and a competitive cost of living make New Brunswick and Moncton a logical place for our
future.”16

In the summer of 2016, OrganiGram purchased a new building in Moncton. In an interview published on
October 25, 2016, chief commercial officer Ray Gracewood stated that much of the space in the new facility
in Moncton would be for the manufacturing of edibles and extracts.17 To finance its expansion plans,
OrganiGram announced the closing of a $40 million bought deal on December 7, 2016, to finance an
expansion of its existing facility for an additional 32,000 square feet (2,973 square metres) of grow-room
area and continue with its planned cannabis oil extracts and derivatives facility.18 In this bought deal, a
group of investment firms (led by Dundee Securities Ltd.) offered $40,253,450 for 11,339,000 shares at a
price of $3.55 per share to OrganiGram.19

THE PROCESS OF PRODUCING CANNABIS PRODUCTS

The process of growing and processing cannabis started with purchasing and receiving materials such as
soil and fertilizers. Cuttings taken from mother plants were started in the nursery to grow clones, which
were put into pots of soil for the pre-vegetative (pre-veg) process. The process of growing plants from
clones had two benefits: (1) it took less time than growing from seeds and (2) it ensured that the plants
would have the same characteristics as the mother plant. The pre-veg process took several weeks, as did
the vegetative process, which began when the plants were set into larger pots. Next, the plants were placed
in grow rooms for the flowering stage, which took 56–72 days. After harvesting, the cannabis was trimmed,
dried, cured, and packaged for mailing to patients. OrganiGram had produced and posted a YouTube video
that described the growing process.20 According to Rogers, it could take over six months from starting the
clones to packaging the final product. Under the ACMPR, LPs were permitted to sell cannabis products
only to patients directly through mail order or to other LPs on a wholesale basis.

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Page 4 9B17M115

ORGANIGRAM’S EXISTING PRODUCT LINES

OrganiGram differentiated itself by highlighting that some of its products were premium, 100 per cent organic,
which meant that they were subject to audits, were grown in regulated soil, received organic fertilizers, and
were free of certain disallowed pesticides. These standards were in addition to the Health Canada regulations.
OrganiGram received its organic certification from ECOCERT on October 10, 2014.21

Many of OrganiGram’s strains had Maritime-themed names, such as Highlands, Rising Tides, and
Lighthouse. The price of the dried cannabis ranged from $9.25 to $10.50 per gram. Daily dosages for
patients ranged from 75 milligrams per day to 3.2 grams per day.22 According to the ACMPR, the
possession limit was 30 times the daily dosage, or 150 grams, whichever was less. However, OrganiGram
offered a 25 per cent discount to patients who were on social assistance or disability programs. Competitors
also had compassionate-pricing programs.

OrganiGram oils were all priced at $99 per 50 millilitres. The oils had different names from their dried plant
strain names and were labelled with the amounts of THC and CBD in milligrams or millilitres. Depending on
each patient’s needs, the choice would be made according to the amount of THC and/or CBD in the product. In
addition to its cannabis products, OrganiGram sold vaporizers that ranged in price from $97.50 to $195.

COMPETITORS

In 2016, Canada’s largest publicly traded LPs were Canopy Growth, Mettrum, OrganiGram, Aphria, and
Aurora Cannabis. The first four companies had licences to cultivate the dried plant, produce oils, and sell
both products. Aurora had licences only to cultivate the dried plant and sell it. However, Aurora was
enrolling new patients very quickly in a short period of time.23 In terms of licensed capacity and resources,
Canopy Growth was the largest player and was the result of a merger of the companies Tweed and
Bedrocan. Tweed had a branding partnership with Snoop Dogg.24 Canopy Growth was working on
international expansion activities in Brazil, Australia, and Germany.25 Mettrum was very much a medically
focused company that concentrated on building a physician’s network to increase its patient base. On
December 1, 2016, it was announced that Mettrum would be acquired by Canopy Growth, pending
shareholder approval.26 Many LPs were in the process of increasing the number of registered patients while
expanding their operations.

The prices for most dried cannabis strains tended to be between $6 and $12 per gram.27 Several companies,
including OrganiGram, offered “compassionate pricing” (i.e., a discounted price) for those patients in need.
Strains with higher percentages of THC often were able to garner higher prices.

THE AMERICAN EXPERIENCE (WITH RECREATIONAL CANNABIS)

Colorado and several other American states had already legalized recreational cannabis. Data from the
cannabis data firm Headset Inc. Cannabis Intelligence provided sales data on the most popular recreational
cannabis products in the United States.28 The dried flower was the most popular product (48 per cent of all
transactions) but had the lowest profit margin (53.5 per cent on average). The second most popular product
was edibles (13.1 per cent of all transactions), and some types had the highest profit margins (ranging from
53 per cent for soup to 65.5 per cent for brittle). Concentrates, beverages, and vapour products were also
becoming more popular.

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Page 5 9B17M115

According to a 2016 report by the Rocky Mountain High Intensity Drug Trafficking Area on marijuana in
Colorado, the established demand in 2014 was 121.4 metric tons for residents (aged 21 years and older) and the
estimated demand was 8.9 metric tons for out-of-state visitors (aged 21 years and older). The same report noted
485,000 regular users of cannabis in Colorado. The total population of Colorado was 5.36 million.29

Based on data collected on approximately 40,000 legal (recreational) cannabis purchases, cannabis users
spent an average of US$647 annually in Washington State.30 Thousands of jobs and millions of dollars
collected in taxes were reported in Colorado.31 According to Rogers, Colorado “is like the gold standard
for recreational marijuana in the world. It’s the only place of size that has had a recreational marketplace
for more than a short period of time . . . at least they have some quantifiable data that you can try and use
to project forward.” However, regulations were very different in the United States and varied from state to
state. For example, the state law in Colorado permitted licensed retailers to sell only up to 30 per cent of
their total “finished Retail Marijuana inventory” to other licensed establishments.32 Because marijuana was
still illegal at the federal level, it was difficult for American cannabis businesses to open bank accounts and
many used only cash transactions.

CHALLENGES

In September 2016, OrganiGram partnered with TGS International LLC,33 a firm in Colorado that had
experience with manufacturing and selling edibles, which were not yet legal to sell in Canada. According
to Rogers, the TGS partnership was meant to help OrganiGram “spin up” its edible-marijuana
manufacturing facilities in Moncton quickly. Soon after, in a press release dated November 23, 2016,
OrganiGram announced, “Trailer Park Boys Choose OrganiGram as Strategic Partner.”34 However, in mid-
December 2016, the Task Force on Cannabis Legalization and Regulation completed and released its report,
which included many recommendations.35 For the purpose of minimizing the harm of use, the Task Force
recommended that the federal government “apply comprehensive restrictions to the advertising and
promotion of cannabis and related merchandise by any means, including sponsorship, endorsements and
branding, similar to the restrictions on promotion of tobacco products.”36 The Task Force also
recommended that recreational products not be packaged in such a way that it would be appealing to
children. With that in mind, what kinds of edibles would be permitted? The challenge was that OrganiGram
was “deploying fairly substantive amounts of capital and not knowing exactly what the date is that that
capital should be fully functioning,” according to Rogers.

Other LPs, such as Canopy Growth and Aurora Cannabis, were also preparing for the recreational market
by developing strategic partnerships and raising capital to expand their operational capacities. On the
medical side, the total number of patients who could legally purchase medical marijuana was limited by the
number of physicians who were willing and able to prescribe cannabis. Many of the cannabis clinics were
in Ontario and Western Canada, where most of the LPs were located. However, some clinics had satellite
offices in Atlantic Canada. According to Rogers, many physicians were uncomfortable with prescribing
cannabis to their patients and had to refer them to cannabis clinics. However, the market data found on
Health Canada’s website showed that the number of patients was increasing each quarter (see Exhibit 1).
Even with these data and OrganiGram’s enterprise resource planning systems, it was difficult to make
forecasts because one did not know which companies the patients would choose.

NEXT STEPS

The largest players (including OrganiGram) in the medical cannabis industry were in the midst of expanding
their operations in anticipation of the introduction of the Trudeau government’s recreational cannabis

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Page 6 9B17M115

legislation in the spring of 2017. In addition to its domestic expansion activities, Canopy Growth, the largest
publicly traded cannabis company in Canada, was already engaging in several international expansion
activities in Brazil, Germany, and Australia. However, Rogers said that there was a shortage of product in
Canada at that point in time and OrganiGram did not have any immediate plans to export cannabis. Its focus
was on the current medical cannabis market and the anticipated recreational market in Canada.

From Rogers’s perspective, it was unclear when the company could roll out new products, which products
would be permitted, or who would be allowed to produce and/or sell recreational cannabis products. The
challenge for OrganiGram was to work with the “grey knowledge” while creating a strategy for the
anticipated recreational cannabis market and working on its medical cannabis sales. What kind of strategy
should OrganiGram have for the recreational cannabis market? How should it organize the company to
market both medical and recreational cannabis? Would the legalization of recreational cannabis lead to
regulations that allowed for imported cannabis? With so many variables still unknown, what kinds of
scenarios should OrganiGram prepare to face? Was it possible to create an implementation plan with a
timeline, roll out schedule, and initial steps that would take into account the different scenarios?

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Page 7 9B17M115

EXHIBIT 1: MARKET DATA ON CANADA’S QUARTERLY SUPPLY OF CANNABIS FOR MEDICAL
PURPOSES, APRIL 2015–SEPTEMBER 30, 2016

Apr. 1,

2015–
June 30,
2015 (Q1)

July 1,
2015–
Sep. 30,
2015 (Q2)

Oct. 1,
2015–
Dec. 31,
2015 (Q3)

Jan. 1,
2016–
Mar. 31,
2016 (Q4)

Apr. 1,
2016–
June 30,
2016 (Q1)

July 1,
2016–
Sep. 30,
2016
(Q2)

Dried Marijuana
Amount sold to
clients
(in kg)

1,371 1,873 2,481 3,082 4,037 4,773

Amount
produced

1,867 2,142 2,684 4,037 5,014 5,734

Amount in
inventories of
LPs at end of
quarter
(in kg)

5,445 7,312 9,729 10,695 11,788 13,246

Cannabis Oil
Amount sold to
clients
(in kg)

N/A N/A 3 584 1,500 2,420

Amount
produced

N/A 9 128 892 1,654 3,116

Amount in
inventories of
LPs at end of
quarter
(in kg)

N/A 7 208 1,421 2,038 3,330

Client Data
Average amount
authorized per
client (g/day)

3.3 3 2.9 2.8 2.7 2.6

Average amount
per client
shipment (g/day)

1.08 1.12 1.12 1.03 0.96 0.89

Total number of
registered clients
at end of quarter

23,930 30,537 39,668 53,649 75,166 98,460

Note: Q = quarter; kg = kilogram; g = gram; LPs = licensed producers; N/A = not available
Source: Government of Canada, “Market Data,” accessed December 28, 2016, www.canada.ca/en/health-
canada/services/drugs-health-products/medical-use-marijuana/licensed-producers/market-data.html.

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Page 8 9B17M115

ENDNOTES

1 The terms “cannabis,” “marijuana,” and “marihuana” all refer to various forms (dried or fresh) of the cannabis plant.
Government of Canada, A Framework for the Legalization and Regulation of Cannabis in Canada: The Final Report of the
Task Force on Cannabis Legalization and Regulation (November 30, 2016), accessed December 28, 2016,
www.healthycanadians.gc.ca/task-force-marijuana-groupe-etude/framework-cadre/index-eng.php.
2 All currency amounts are in Canadian dollars unless otherwise specified. 
3 Peter Koven, “Canada’s Budding Marijuana Industry Could Blossom into a $5-Billion Market If Liberals Make Recreational Pot
Legal,” Financial Post, October 20, 2015, accessed December 28, 2016, http://business.financialpost.com/news/agriculture/
canadian-marijuana-stocks-jump-as-liberal-wins-signals-legalization-on-the-table; Robert Benzie, “Recreational Weed Could Be a
$22.6B Industry: Study,” thestar.com, October 27, 2016, accessed December 28, 2016, https://www.thestar.com/news/queenspark/
2016/10/27/recreational-weed-could-be-a-226b-industry-study.html.
4 “From the President’s Desk,” OrganiGram Holdings Inc., January 14, 2016, accessed June 13, 2017,
https://www.organigram.ca/latest/from-the-presidents-desk.
5 Government of Canada, “Application Process: Becoming a Licensed Producer of Cannabis for Medical Purposes,” accessed
October 6, 2016, www.canada.ca/en/health-canada/services/drugs-health-products/medical-use-marijuana/licensed-
producers/application-process-becoming-licensed-producer.html.
6 Government of Canada, A Framework for the Legalization and Regulation of Cannabis in Canada: The Final Report of the
Task Force on Cannabis Legalization and Regulation, op. cit.
7 THC BioMed was one of the companies to sell clones. “THC BioMed,” accessed July 12, 2017, http://thcbiomed.com.
8 Government of Canada, “Access to Cannabis for Medical Purposes Regulations (SOR/2016-230),” Justice Laws website,
accessed December 28, 2016, http://laws.justice.gc.ca/eng/regulations/SOR-2016-230/page-10.html#h-16.
9 Sandy Moriarty, Aunt Sandy’s Medical Marijuana Cookbook (Piedmont, CA: Quick American Publishing, 2010).
10 Government of Canada, “Authorized Licensed Producers of Cannabis for Medical Purposes,” accessed May 1, 2017,
www.canada.ca/en/health-canada/services/drugs-health-products/medical-use-marijuana/licensed-producers/authorized-
licensed-producers-medical-purposes.html.
11 OrganiGram Holdings Inc., Management’s Discussion and Analysis of Financial Condition and Results of Operations
(“MD&A”): For the Year Ended August 31, 2016, accessed December 28, 2016, https://www.organigram.ca/assets/
financials/Organigram-Holdings-Inc-MDA-Aug-31-2016.pdf.
12 Government of Canada, “Authorized Licensed Producers of Cannabis for Medical Purposes,” op. cit.
13 Data shown in Exhibit 1 shows that cannabis oil production started in the summer of 2015.
14 OrganiGram Holdings Inc., op. cit.
15 “OrganiGram Gets $990k from New Brunswick Government,” CBC News, March 30, 2016, accessed December 28, 2016,
www.cbc.ca/news/canada/new-brunswick/organigram-marijuana-funding-brunswick-1.3512416.
16 Ibid.
17 Cherise Letson, “New Brunswick’s OrganiGram Preparing to Light Up Recreational Market,” Huddle, October 25, 2016,
accessed December 28, 2016, http://huddle.today/new-brunswicks-organigram-preparing-light-recreational-market.
18 “OrganiGram Announces Closing of $40M Bought Deal Financing,” Marketwired, December 7, 2016, accessed June 13, 2017,
www.marketwired.com/press-release/organigram-announces-closing-of-40m-bought-deal-financing-tsx-venture-ogi-2181471.htm.
19 Ibid.
20 “Inside the Organigram Garden,” YouTube video, 2:38, posted by “Civilized,” July 26, 2016, accessed December 28, 2016,
https://www.youtube.com/watch?v=Oh-62nDtJFM.
21 “OrganiGram Receives Organic Certification for Medical Marijuana Growing Process,” Marketwired, October 14, 2014,
accessed June 13, 2017, www.marketwired.com/press-release/organigram-receives-organic-certification-for-medical-
marijuana-growing-process-tsx-venture-ogi-1957140.htm.
22 Government of Canada, “Access to Cannabis for Medical Purposes Regulations—Daily Amount Fact Sheet (Dosage),” July
2016, accessed July 12, 2017, www.canada.ca/en/health-canada/services/drugs-health-products/medical-use-
marijuana/information-medical-practitioners/marihuana-medical-purposes-regulations-daily-amount-fact-sheet-dosage.html.
23 “Operational Update: Aurora’s CanvasRx Subsidiary Surpasses 13,000 Patients Registered,” CNW, November 10, 2016,
accessed June 13, 2017, www.newswire.ca/news-releases/operational-update-auroras-canvasrx-subsidiary-surpasses-
13000-patients-registered-600664531.html.
24 “Tweed Rolls Out Leafs by Snoop Cannabis Brand,” CBC News, October 6, 2016, accessed December 28, 2016,
www.cbc.ca/news/canada/ottawa/tweed-leafs-by-snoop-brand-launch-1.3793667.
25 Canopy Growth Corporation, Annual Meeting of Shareholders, September 15, 2016, accessed December 28, 2016,
https://cdn.shopify.com/s/files/1/0994/1238/files/160915_2016_Canopy_Growth_Corporation_AGM_Presentation_FINAL.pdf
?3923008218010883461.
26 Sunny Freeman, “Canopy Growth Corporation to Acquire Mettrum for $430M—Making a Mega-Company Serving Half
Canada’s Medical Pot Users,” Financial Post, December 1, 2016, accessed December 28, 2016,
http://business.financialpost.com/news/agriculture/canopy-grow-to-acquire-rival-mettrum-for-430-million-to-form-mega-
company-serving-half-canadas-medical-pot-users.
27 Brad Martin, “The Cost of Medical Cannabis in Canada,” Lift News, August 4, 2016, accessed December 28, 2016,
https://news.lift.co/the-cost-of-medical-cannabis-in-canada.
28 “What Are the Most Popular Cannabis Products?” Headset, June 29, 2016, accessed December 28, 2016,
http://headset.io/blog/what-are-the-most-popular-cannabis-products.

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29 Rocky Mountain High Intensity Drug Trafficking Area, The Legalization of Marijuana in Colorado: The Impact Vol. 4
(September 2016), accessed January 18, 2017, www.rmhidta.org/html/2016%20FINAL%20Legalization%20of%20
Marijuana%20in%20Colorado%20The%20Impact.pdf.
30 Polly Mosendz, “The Average Legal Pot User Spends $647 a Year on Weed,” Bloomberg, July 26, 2016, accessed December
28, 2016, www.bloomberg.com/news/articles/2016-07-26/the-average-legal-pot-user-spends-647-a-year-on-weed.
31 Joshua Miller, “In Colo., a Look at Life after Marijuana Legalization,” The Boston Globe, February 22, 2016, accessed
December 28, 2016, https://www.bostonglobe.com/metro/2016/02/21/from-colorado-glimpse-life-after-marijuana-legalization/
rcccuzhMDWV74UC4IxXIYJ/story.html.
32 Code of Colorado Regulations, Retail Marijuana Rules, 1 CCR 212-2, 76, accessed December 28, 2016,
https://www.colorado.gov/pacific/sites/default/files/Current%20Official%20Retail%20Marijuana%20Rules%20-
%20Effective%2007012016.pdf.
33 “OrganiGram Enters Exclusive Partnership for Oils, Extracts and Edibles,” Marketwired, September 1, 2016, accessed
December 28, 2016, www.marketwired.com/press-release/organigram-enters-exclusive-partnership-for-oils-extracts-and-
edibles-tsx-venture-ogi-2154846.htm.
34 “Trailer Park Boys Choose OrganiGram as Strategic Partner,” Marketwired, November 23, 2016, accessed December 28,
2016, www.marketwired.com/press-release/trailer-park-boys-choose-organigram-as-strategic-partner-2178120.htm.
35 Government of Canada, A Framework for the Legalization and Regulation of Cannabis in Canada: The Final Report of the
Task Force on Cannabis Legalization and Regulation, op. cit.
36 Ibid.

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