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

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

MONCTON, N.B. – 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.


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. Cannabis plants are shown at OrganiGram in Moncton, N.B., on April 14, 2016. THE CANADIAN PRESS/Ron Ward

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. Cannabis plants are shown at OrganiGram in Moncton, N.B., on April 14, 2016. THE CANADIAN PRESS/Ron Ward

MONCTON, N.B. – 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.

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.

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.

Companies in this story: (TSX:OGI)

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