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Share Name | Share Symbol | Market | Type |
---|---|---|---|
OrganiGram Holdings Inc | TSX:OGI | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.17 | 2.16 | 2.18 | 2.18 | 2.14 | 2.14 | 31,868 | 21:00:02 |
Growth in production, dried flower sales, oil sales, inventory and the announcement of numerous sales agreements positions Organigram for successful launch of adult recreational use market
MONCTON, NB, July 30, 2018 /CNW/ - Organigram Holdings Inc. (TSX VENTURE: OGI) (OTCQB: OGRMF), the parent company of Organigram Inc. (the "Company" or "Organigram"), a leading licensed producer of medical marijuana based in Moncton, New Brunswick, is pleased to announce its financial results for the three and nine-months ended May 31, 2018.
"Our fiscal third quarter was transformational for the Company. Our production capabilities have increased exponentially, we launched our adult recreational brand strategy and have signed agreements with a number of provinces and private retailers as well as announcing key significant investments from both a strategic and international perspective. As we head into the launch of the adult use recreational market we believe Organigram is well positioned to build upon its domestic medical business into becoming a national player in the adult recreational market and a global player in the medical market."
Operational Highlights
Financial Highlights
Summary of Financial Results
Three-months ended May 31 |
Inc. (Decr.) |
Nine-months ended May 31 |
Inc (Decr.) | |||
(in $000 except EPS) |
2018 |
2017 |
2018 |
2017 | ||
Gross sales |
$ 3,705 |
$1,917 |
93% |
$ 9,612 |
$ 5,593 |
72% |
Sales recovery (return) |
$ 21 |
$- |
n/m1 |
$ 490 |
$(2,026) |
n/m |
Net sales2 |
$ 3,726 |
$1,917 |
94% |
$ 10,102 |
$3,567 |
183% |
Cost of sales (incl. indirect production) |
$ 1,671 |
$2,097 |
-20% |
$ 5,012 |
$5,905 |
-15% |
Gross margin (excluding FV adjustment) |
$ 2,055 |
$(180) |
n/m |
$5,090 |
$ (2,338) |
n/m |
FV adjust. on bio assets and inventories |
$ 10,066 |
$(578) |
n/m |
$ 15,172 |
$ (1,634) |
n/m |
Gross margin |
$ 12,121 |
$(758) |
n/m |
$ 20,262 |
$ (3,972) |
n/m |
General and admin |
$1,556 |
$ 790 |
97% |
$ 4,743 |
$2,245 |
111% |
Sales and marketing |
$1,754 |
$691 |
154% |
$ 4,033 |
$2,063 |
95% |
Share-based compensation (non-cash) |
$1,156 |
$222 |
421% |
$ 3,056 |
$787 |
288% |
Impairment of goodwill |
$1,156 |
$ - |
n/m |
$ 1,156 |
$ - |
n/m |
Net financing costs (income) 3 |
$3,679 |
$ (115) |
n/m |
$4,778 |
$ (211) |
n/m |
Net income (loss) |
$ 2,820 |
$(2,346) |
n/m |
$ 2,496 |
$(8,856) |
% |
EPS (basic) |
$ 0.023 |
$(0.023) |
n/m |
$ 0.021 |
$ (0.093) |
n/m |
EPS (diluted) |
$0.021 |
$(0.023) |
n/m |
$ 0.019 |
$ (0.093) |
n/m |
Sales volume of: |
||||||
Dried cannabis flower (gr) |
303,428 |
196,129 |
55% |
736,153 |
598,060 |
23% |
Cannabis oil sold (ml) |
768,400 |
189,600 |
305% |
1,739,250 |
406,000 |
328% |
1 Not meaningful |
2 Net sales consist of gross sales and sales recovery (return) and includes dried flower and cannabis oil sales, sales of accessories and revenues from the Company's wholly-owned subsidiary Trauma Healing Center. |
3 Net financing costs consist of financing costs less any investment income earned. |
Balance Sheet Highlights
At the end of the third-quarter 2018 the Company reported:
Outlook
For more information, visit www.Organigram.ca
About Organigram Holdings Inc.
Organigram Holdings Inc. is a TSX Venture Exchange listed company whose wholly owned subsidiary, Organigram Inc., is a licensed producer of cannabis and cannabis-derived products in Canada.
Organigram is focused on producing the highest-quality, indoor-grown cannabis for patients and adult recreational consumers in Canada, as well as developing international business partnerships to extend the company's global footprint. In anticipation of the legal adult use recreational cannabis in Canada, Organigram has developed a portfolio of brands including The Edison Cannabis Company, Ankr Organics and Trailer Park Buds. Organigram's primary facility is located in Moncton, New Brunswick and the Company is regulated by the Access to Cannabis for Medical Purposes Regulations ("ACMPR").
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Important factors - including the availability of funds, consummation of definitive documentation, the results of financing efforts, crop yields - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE OrganiGram
Copyright 2018 Canada NewsWire
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