Welcome to our dedicated page for Organigram Global news (Ticker: OGI), a resource for investors and traders seeking the latest updates and insights on Organigram Global stock.
Organigram Holdings Inc (OGI) is a leading Canadian licensed cannabis producer specializing in premium medical and recreational products through advanced indoor cultivation. This news hub provides investors and industry observers with essential updates on OGI's operational developments, regulatory compliance, and market positioning.
Track official press releases covering quarterly earnings, product innovations, strategic partnerships. Access timely updates on regulatory milestones and cultivation advancements within Canada's dynamic cannabis sector. Our curated collection ensures transparent monitoring of OGI's financial performance and brand portfolio growth.
Key updates include medical cannabis research initiatives, recreational market expansions, and sustainability efforts. Bookmark this page for centralized access to OGI's corporate communications, enabling informed analysis of their market leadership in organic cannabis production.
Organigram has signed a three-year supply agreement with Avida Medical in the UK, its second international medical cannabis customer in the region.
Under the agreement, Organigram will supply 1,700 kilograms of high-quality cannabis flower, with 500 kilograms expected in the first year.
Avida Medical will gain exclusivity for three of Organigram's cannabis strains in the UK.
This agreement aligns with Organigram's strategy to expand beyond Canada, adding to its existing international agreements in Australia, Germany, and Israel.
Organigram (NASDAQ: OGI) reported a 21% YoY growth in recreational net revenue to $33.1 million for Q2 FY2024. Despite this, overall net revenue decreased by 5% to $37.6 million due to a decline in international sales. The company closed the first tranche of a $41.5 million private placement, raising its cash balance to $83.6 million. The firm also completed an oversubscribed offering for $28.8 million post-quarter-end, bringing its pro-forma cash position to about $195 million.
Organigram maintained market leadership in various product categories in Canada and expanded its international footprint, including new shipments to Germany and the UK. However, the quarter saw a net loss of $27.1 million, an increase from $7.5 million YoY, and a negative adjusted EBITDA of $1.0 million, down from $5.6 million YoY.
Organigram Holdings Inc. (NASDAQ: OGI) will report its second-quarter fiscal 2024 earnings on May 14, 2024. The conference call to discuss the results will take place at 8:00 am Eastern Time. The Company is a leading licensed producer of cannabis.
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