MONCTON – The common shares of Organigram Holdings, the parent company of licensed cannabis producer Organigram, will begin trading on the NASDAQ Global Select Market under the symbol ‘OGI’ on May 21, the company announced Friday.
“We are pleased to celebrate this significant company milestone,” says CEO Greg Engel in a release. “We are proud to have assembled a world-class team and facility that continues to deliver value to our shareholders. This listing will help us continue to demonstrate our commitment to dynamic growth.”
Organigram’s common shares will continue to be listed and traded on the TSX Venture Exchange at home, but will stop trading on the OTC Markets in the U.S. after May 20.
In April, chief commercial officer Ray Gracewood told Huddle that being on the NASDAQ would mean a step up for the company’s current shareholders. At the same time, the move would make Organigram more visible to larger investors, especially American institutional investors.
Organigram has been expanding rapidly, growing its market cap from around $850 million last October to nearly $1.6 billion on Friday. It has also been approved to sell recreational cannabis in Quebec, meaning its footprint now spans all 10 Canadian provinces.
It reported a loss of $6.4 million in its latest quarter due to increased sales and administrative costs, but its net revenue soared from $3.4 million to $26.9 million in its first full quarter of adult−use recreational sales.