OrganiGram Holdings announced the closing of its previously announced non-brokered $3 million financing. The company said the first $1 million of the financing was received from Duce Holdings and Denaco Group, a corporation in which Denis Arsenault, the chief executive officer of the company, is a director. In exchange, Duce and Denaco have been issued subordinated secured debentures and 200,000 common share purchase warrants of the company.

The company also received $2 million from Farm Credit Canada in the form of a secured long term loan facility, with an initial advancement of $1 million on August 31, 2015 and the remaining $1 million to be received by the company in tiered disbursements.

“This funding represents a sign of ongoing success for the company and the leadership of our management team,” said Roger Rogers, president and CFO. “This funding permits us to grow that success through our operations and facility in Moncton, which in turn boosts our ability to offer quality medical products to our clients. This begins Q1 of our new fiscal year, which began on September 1st, 2015, on a high note and I look forward to OrganiGram’s continued success.”