06:23 AM EDT, 03/25/2024 (MT Newswires) -- Organigram Holdings Inc. ( OGI ) , a licensed producer of cannabis, was at last look up 2.2% in US premarket after it over the weekend announced that, despite strong evidence supporting its classification as an ingestible extract, it has received a final redetermination from Health Canada that its patented Edison Jolts lozenge products are to be classified as edible cannabis.

A statement noted the final redetermination follows the August 2023 decision of the Federal Court of Canada to grant Organigram's ( OGI ) application for judicial review of a decision of Health Canada determining that the products are to be classified as edible cannabis. Monday's statement also noted the Court found there was a breach of procedural fairness by Health Canada and the matter was then remitted back to Health Canada for redetermination taking the Court's reasons into consideration.

"We are disappointed with the outcome of Health Canada's further review of our Jolts product," said Beena Goldenberg, CEO of Organigram ( OGI ). "Our patented Jolts lozenge was launched over two years ago following significant research and development and was specifically designed to appeal to consumers looking to access regulated and tested ingestible products from the legal market that met their needs for potency and price. We are currently assessing our options to continue to meet the needs of consumers while retaining them within the legal market," she concluded.

Organigram ( OGI ) said it has stopped the production of Jolts in its current format and is currently working with Health Canada on timing to sell through remaining inventory to the provincial distributors.