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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 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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