OGRMF stock is moving skyward today. Up 5.92% and selling for $5.96 USD on the OTC, this stock is reacting to a milestone OrganiGram Holdings hit today.
OGRMF Stock
OrganiGram Holdings (TSXV:OGI) (OTCQX:OGRMF) announced earlier that it has surpassed one million cannabis pre-rolls since recreational cannabis became legal in Canada in October 2018. The news is impressive as very few licensed producers have been able to keep up with the high demand for cannabis pre-rolls.
OGRMF Stock: Milestone Hit
The automation of its processes is one of the key reasons for hitting this milestone. But it also credits the surging consumer demand for the success of its large-scale production.
As CEO Greg Engel puts it:
"At Organigram, we are proud to be among a select group of licensed producers who have been able to rise to the challenge of large-scale pre-roll production [...] Our operations team has done an amazing job introducing automation to important parts of our process, building our overall capacity while retaining our focus on product quality."
OGRMF Stock: Pre-Rolls and Expansion
Pre-rolled products are so popular that they represent approximately 12% of all of OrganiGram's gross sales. The company's finest, Edison Cannabis and Trailblazer 0.5g pre-rolls, are supplied to nine provinces across Canada.
Capitalizing on this momentum, OrganiGram is expanding its Moncton Campus in New Brunswick. The new expansion will allow for increased production along with onsite research and development.
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Engel said further:
"[...] with the expansion of our team, its expertise, and our facility, we are on track to deliver on our strategic promises."
Its seems one million pre-rolls is only the tip of the iceberg.
Meeting Demand
For investors, the news cements OrganiGram as a leading producer of cannabis and assures that this company can provide for the large demand. It's no surprise that OGRMF stock is on the rise as a result.
The company is definitely one to watch in an industry plagued with companies unable to deliver. Another major plus point for OGRMF stock is the fact that the company has supply agreements with every Canadian province except Quebec.
This assures long-term lucrative distribution channels, which, of course, equals revenue.
Do you think OGRMF stock will continue gaining? Is a one million pre-roll milestone enough to excite you? Let us know below!
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