Organigram Holdings Reports its Q2 Results
Apr 12, 2022 By MarketDepth
Organigram Holdings Inc. (NASDAQ: OGI) today reported its results for the second quarter ended February 28th, 2022.
The company achieved gross revenues of $43.9 million, up 128% from the same prior-year period, while its continued growth in net revenue saw the company reach $31.8 million, its highest recorded revenue in the company’s history.
“The culture of innovation and consumer focus we are building at Organigram has enabled us to not only create brands that are embraced by consumers, but continually innovate within those brands and across multiple product lines. We expect that leveraging these brands will allow us to continue to drive market share.”Beena Goldenberg, Chief Executive Officer
Additionally, the company launched 18 new products, including extensions to the SHRED’ems gummies line and two new premium strains to the Edison brand and acquired Quebec-based hash and craft cannabis producer Laurentian, an immediately accretive transaction providing the Company with a broadened product portfolio and increased footprint in Quebec.
“We are also progressing well with the Laurentian integration. In less than three months we have been able to significantly increase distribution and begin to implement the synergies planned at acquisition. Automation to optimize production is also underway and expected to be complete by the end of Fiscal 2022.”Beena Goldenberg, Chief Executive Officer
The company also saw its cost of sales decrease by 20% to $25.0 million, from $31.1 million in Q2 Fiscal 2021 as a result of lower production costs while spending a net of $5.3 million cash on operating activities in Q2 of 2022.