Cannabis company Organigram reports Q1 profit as revenue and margins improve

Advertisement

Advertise with us

TORONTO - Organigram Holdings Inc. reported a profit in its latest quarter compared with a loss a year earlier as its revenue and margins improved.

Read this article for free:

or

Already have an account? Log in here »

To continue reading, please subscribe:

Monthly Digital Subscription

$19 $0 for the first 4 weeks*

  • Enjoy unlimited reading on winnipegfreepress.com
  • Read the E-Edition, our digital replica newspaper
  • Access News Break, our award-winning app
  • Play interactive puzzles

*No charge for four weeks then billed as $19 plus GST every four weeks. Offer only available to new and qualified returning subscribers. Cancel any time.

Hey there, time traveller!
This article was published 11/01/2023 (712 days ago), so information in it may no longer be current.

TORONTO – Organigram Holdings Inc. reported a profit in its latest quarter compared with a loss a year earlier as its revenue and margins improved.

The cannabis company says it earned net income of $5.3 million for the quarter ended Nov. 30 compared with a loss of $1.3 million in the same quarter a year earlier.

Net revenue for what was the first quarter of the company’s 2023 financial year totalled $43.3 million, up from $30.4 million a year earlier.

Growing cannabis plants intended for the medical marijuana market are shown at OrganiGram in Moncton, N.B., on April 14, 2016. Organigram Holdings Inc. reported a profit in its latest quarter compared with a loss a year earlier as its revenue and margins improved. THE CANADIAN PRESS/Ron Ward
Growing cannabis plants intended for the medical marijuana market are shown at OrganiGram in Moncton, N.B., on April 14, 2016. Organigram Holdings Inc. reported a profit in its latest quarter compared with a loss a year earlier as its revenue and margins improved. THE CANADIAN PRESS/Ron Ward

The company says the increase was primarily due to gains in adult-use recreational and international revenue, partly offset by a drop in medical sales.

Organigram says its adjusted gross margin for the quarter was 30 per cent, up from 18 per cent in the same quarter last year.

The company attributed the improvement to lower cultivation costs that were the result of higher plant yields, cost efficiency improvements and the increased scale of operations at its Moncton, N.B., facility.

This report by The Canadian Press was first published Jan. 12, 2023.

Companies in this story: (TSX:OGI

Report Error Submit a Tip

Business

LOAD MORE