Organigram Global Inc. reports developments tied to its Canadian cannabis cultivation, processing, branded adult-use products and cannabinoid beverage business. The company operates through subsidiaries including Organigram Inc., a licensed cultivator and processor, and participates in U.S. and Canadian cannabinoid beverages through Collective Project Limited.
Recurring news themes for OGI include operating and financial results, cannabis product launches, brand extensions, international partnership activity, and regulatory matters under Health Canada’s Cannabis Act and Cannabis Regulations. Company updates also cover brands such as Edison, Big Bag O’ Buds, SHRED, Monjour, Tremblant, Collective Project, Trailblazer, BOXHOT and DEBUNK; the FAST nanoemulsion technology platform; and production, edibles, extraction, packaging and fulfillment facilities in Canada.
Organigram Holdings has appointed Borna Zlamalik as Vice President of Innovation, effective immediately. Zlamalik, a seasoned marketer with a strong background in cannabis and consumer goods, will oversee R&D and product development. His previous roles include VP of Marketing at The Valens Company and senior positions at JT International SA. This strategic move is expected to enhance product innovation and commercialization as Organigram aims to expand its cannabis portfolio. Zlamalik will drive innovation efforts nationally from Ontario.
Organigram announced the departure of CEO Greg Engel, effective immediately, while he will continue as a special advisor during the transition. Peter Amirault, the current Board chairman, is appointed as executive chair in the interim until a new CEO is chosen. Engel has been pivotal since 2017, leading the company through challenges and innovations in the cannabis market. The Board expressed gratitude for Engel's contributions. The company is pursuing leadership continuity during the search for a permanent CEO, emphasizing governance and business acumen.
Organigram Holdings Inc. (TSX: OGI, NASDAQ: OGI) has expanded its Edison Cannabis Co. product line by introducing two new dried flower strains: GMO Cookies and MAC-1. GMO Cookies, an indica strain, has a THC range of 20-26% and is characterized by its distinct aroma and crown-shaped, dark green flowers with purple flecks. MAC-1 is a hybrid strain with a citrus flavor and similar THC potency. Both strains are grown in custom micro-climates to enhance flavor and potency, and will soon be available at select retailers nationwide.
Organigram Holdings Inc. (OGI) reported Q2 2021 results, revealing a 37% decline in net revenue to $14.6 million compared to Q2 2020, attributed to lower wholesale revenue and COVID-19 disruptions. Gross revenue fell 29%, and the company posted a net loss of $66.4 million, up from $6.8 million the previous year. Despite these challenges, Organigram anticipates improved performance in Q3 2021 due to enhanced staffing and a new product portfolio, including soft chews from its acquisition of The Edibles and Infusions Corporation.
Organigram Holdings (OGI) has acquired The Edibles & Infusions Corporation (EIC) for $22 million, plus up to $13 million contingent on performance milestones. This strategic acquisition enhances Organigram's product offerings in the growing Canadian edibles market, providing an operational footprint in Western Canada. EIC operates a state-of-the-art facility in Manitoba, poised to manufacture cannabis-infused products. The edibles segment is projected to expand significantly, with EIC's expertise and capabilities accelerating product development and market presence.
Organigram Holdings (NASDAQ: OGI) announced it will release its earnings results for Q2 Fiscal 2021 on April 13, 2021, before market open. The results will be discussed in a conference call at 8:00 AM ET the same day. The company is focused on producing high-quality cannabis for both medical and recreational markets in Canada, and expanding internationally. Stakeholders are advised to register in advance for the call to receive dial-in details. For further information, a replay of the call will be available within 24 hours on their investor website.
Organigram Holdings (NASDAQ: OGI) has successfully repaid approximately $58.5 million in outstanding balances under its credit agreement with Bank of Montreal. This repayment will save the company $2.7 million annually in interest costs. Following the repayment, Organigram's pro forma cash position stands at $235 million. The company is also in discussions with BMO to amend the credit agreement, aiming for continued support and flexibility in business growth.
Organigram Holdings (TSX: OGI, NASDAQ: OGI) has launched two new cannabis product lines: Indi, focusing exclusively on indica strains, and Edison Cannabis Co. indica pre-rolls. Indi's first strain, Skyway Kush, features a THC content of 20%-23%. The Edison pre-rolls include Black Cherry Punch (18%-24% THC), Ice Cream Cake (18%-24% THC), and Slurricane (17%-23% THC). Organigram's commitment to genetics and quality aims to enhance their product lineup, catering to the growing demand for indica products among cannabis consumers.
Organigram Holdings has launched two new recreational cannabis products: SHRED Tropic Thunder Jar of Joints and Trailblazer SNAX Milk Chocolate Bars. The SHRED brand, known for its high potency and quality, introduces a convenient jar of 14 pre-rolls with 18% THC. Meanwhile, the Trailblazer SNAX chocolate bar features a creamy cacao filling infused with THC, marking a unique entry in the market. Both products reflect Organigram's focus on consumer preferences and investment in automation to enhance production efficiency. They are now available at select retailers.
Organigram Holdings announces the departure of Matt Rogers, Senior VP of Operations, effective May 2021. Rogers has been instrumental in the company's growth as a leading cannabis producer. His efforts contributed to constructing the new edibles facility and operational strategies for 'Rec 2.0' products. Nathalie Batten has been appointed as the new Plant Manager, bringing substantial experience from Irving Oil and Keyera Corporation. Organigram aims to continue producing quality cannabis for both medical and recreational use while exploring international partnerships.