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Organigram Revenue Soars In First Full Quarter Of Recreational Sales

Growing flowers of cannabis intended for the medical marijuana market are shown at OrganiGram in Moncton, N.B., on April 14, 2016. (Image: The Canadian Press/Ron Ward)

MONCTON, N.B. — Cannabis producer Organigram Holdings Inc. reported a loss of $6.4 million in its latest quarter as its revenue soared in its first full quarter of adult−use recreational sales.

Net revenue totalled $26.9 million, up from $3.4 million.

The company says its loss amounted to five cents per diluted share for the quarter ended Feb. 28 compared with a profit of $1.1 million or a penny per diluted share a year earlier.

The loss came as sales and administrative costs rose to $2.6 million compared with $1.7 million a year ago.

Sales and marketing costs rose to $3.1 million compared with $934,000 in the same quarter last year.

Organigram’s loss from continuing operations amounted to $6.4 million or five cents per diluted share compared with a profit of $1.2 million or a penny per diluted share a year earlier.

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The Canadian Press, 2019