Cannabis company Organigram reports third-quarter loss of $2.8 million and gross revenue up 90%

MONCTON, N.B. – Organigram Holdings Inc. reported a loss of $2.8 million in its most recent quarter as gross revenue rose 90% from a year ago.

The cannabis company says the loss was 0.9 cents 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 for what was the company’s third quarter totaled $55.2 million, compared to $29.1 million in the same quarter last year.

Net income was $38.1 million, down from $20.3 million.

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

The company says its market share in the quarter was 7.8%.

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

Companies in this story: (TSX:OGI)

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