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Organigram Falls Despite Q3 Revenue Growth

July 15, 2019 8:28 am
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Cannabis company OrganiGram Holdings Inc. (NASDAQ:OGI) released its third-quarter financial report Monday morning.

The company disclosed third-quarter revenue of CA$24.75 million compared to $CA3.4 million in last year's quarter. This represented sales of around 3,926 kg of dried flower.

Organigram reported a quarterly net loss from continuing operations of CA$10.2 million or 7 cents per share on a diluted basis..

Benzinga's Cannabis Capital Conference heads to Detroit on Aug. 15 — Click here to learn more!

Excluding the impact of non-cash fair value adjustments, the company’s third-quarter adjusted gross margin was $12.3 million or 50%, and year-to-date gross margin was $37.1 million or 58%.

“We continued to report strong sales in our third quarter and now have distribution in all ten provinces," said CEO Greg Engel. "While we saw a temporary reduction in yield per plant in Q3 due to temporary changes in growing protocols, not only have our yields returned to historical levels, but we have seen a meaningful increase in average cannabinoid levels in harvests to date in Q4."

OrganiGram's stock traded lower by 5.32% to $5.52 in Monday's pre-market session.

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