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Organigram (OGRMF) Sees Revenues Soar & Margins Improve

Ryan Allway

July 28th, 2016

News, Top News

Canada’s cannabis industry is firing on all cylinders and licensed producers under the MMPR program have been posting solid financial performance in recent quarters.

After Canopy Growth Corp. [stockquote symbol=TWMJF] (TSX: CGC) a 300% jump in revenue to $5 million, Organigram Holdings Inc. [stockquote symbol=OGRMF] (TSX-V: OGI) delivered 27% sequential growth and brought its quarterly revenue to over $1.8 million.

[stockchart symbol=OGRMF]

The low cost licensed producer of medical cannabis managed to keep it costs per gram down to $1.29, while simultaneously increasing its selling price to an average of $8.47 per gram. These dynamics helped improve gross margins from 76% in Q2 to 87.6% by Q3, while EBITDA grew from $370,139 to $695,721 quarter over quarter.

“We are very pleased with our 3rd quarter results and as things continue to develop post quarter, we remain focused and drive our efforts to be one of Canada’s lowest cost producers” states Denis Arsenault, CEO of Organigram Inc. “At Organigram we are creating employment and economic growth opportunities for Atlantic Canadians, a reliable and high quality product for our customers, and value and efficiencies for our shareholders. Our low cost of production, coupled with our organic product offering, strong balance sheet, and near term growth prospects position Organigram favourably in both the existing medicinal and forthcoming recreational marketplace.”

Organigram also announced that it has closed its previously announce deal for financing proceeds of $10,360,350, received an amendment to its MMPR license allowing for the sale of cannabis oil extracts, and submitted a request to Health Canada for an increase to its licensed sales capacity in its New Brunswick facility following the close of the quarter.

Shares of Organigram moved marginally lower on Thursday, July 29, 2016 following the news.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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