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Cannabis company Organigram reports $2.8M Q3 loss, gross revenue up 90%

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Global BC Medical Contributor Dr. Birinder Narang discusses the importance of testing in stroke prevention, and he also examines the impact of cannabis use on respiratory health. – Jun 29, 2022

Organigram Holdings Inc. reported a loss of $2.8 million in its latest quarter as its gross revenue rose 90 per cent compared with a year ago.

The cannabis company says the loss amounted to 0.9 of a cent per share for the quarter ended May 31 compared with a loss of $4 million or 1.4 cents per share a year earlier.

Gross revenue in what was the company’s third quarter totalled $55.2 million, up from $29.1 million in the same quarter last year.

Net revenue was $38.1 million, up from $20.3 million.

Read more: New Brunswick government moves to allow for small private cannabis retailers

Organigram CEO Beena Goldenberg says the company achieved record net revenue and it expects to top it again in its fourth quarter on the strength of new product listings, increased retail sales momentum and international shipments.

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The company says its market share in the quarter amounted to 7.8 per cent.

This report by The Canadian Press was first published July 14, 2022.

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