Organigram nears profitability as cannabis sales jump to CA$145.8 million

Cannabis producer Organigram Holdings said its sales soared in the fourth quarter and for the year ended Aug. 31, rising to 45.5 million Canadian dollars ($33.5 million) and $145.8 million, respectively.

The improved sales mark significant growth for the New Brunswick-based company.

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Organigram’s net revenue rose 19% in the fourth quarter, from CA$38.1 million in sales in the third quarter, and its annual sales jumped 84% over the previous financial year’s CA$79.2 million.

However, the improved sales announced Monday in a news release weren’t enough to bring the company into the black.

Organigram lost CA$6.1 million in its final quarter of the year, bringing its annual loss to CA$14.3 million.

That marks a major improvement over the 2021 financial year, when Organigram lost CA$130.7 million.

On an adjusted EBITDA basis, Organigram reported positive CA$3.2 million in the fourth quarter and positive CA$3.5 million for the full

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Cannabis producer Organigram Holdings said its sales soared in the fourth quarter and for the year ended Aug. 31, rising… Continue reading
The post Organigram nears profitability as cannabis sales jump to CA$145.8 million appeared first on GrowCola.com.