OrganiGram Holdings Inc. (TSXV:OGI) (OTCQX:OGRMF) is having quite the month on the TSXV. The Moncton, New Brunswick-based cannabis company has made big announcements this month, pushing its shares higher. Today is no different, as the company just released its biggest news yet.
This morning, OrganiGram announced its first quarter results for fiscal 2019. Currently, OGI is leading the cannabis stocks on the TSXV for trade volume and number of trades.
OrganiGram Holdings Net Revenue up 287%
"The first quarter of 2019 is just the start of what we expect to be a year of tremendous growth," commented Greg Engel, OrganiGram CEO. "We've always believed the Moncton Campus would be a competitive advantage for us being able to produce high-quality indoor-grown product at low cash cost of cultivation. Our first quarter results confirmed that as we reported an adjusted gross margin of 71%."
These results show up to November 30th, 2018. For part of the quarter, the company's revenue for adult-use recreational cannabis was included. OrganiGram brought in $12.4 million in net revenue for Q1 2019, up 419% from its $3.2 million in net revenue in Q1 of 2018. In Q4 2018, the company brought in $3.2 million, which means the company's revenue is up 287% from the previous quarter.
OrganiGram Holdings sells dried cannabis and cannabis oil. The company offers wholesale shipping of cannabis dried flowers, blends, pre-rolls, cannabis plant cuttings, and cannabis oils to retailers and wholesalers. OrganiGram also exports its products and sells them online.
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It remains unknown at this time how much net revenue specifically came from sales in adult-use recreational cannabis, considering it became legal on October 17th, 2018. Still, the company's year-on-year growth of 419% speaks volume of its growth.
OrganiGram Stock Movement
According to Yahoo Finance, OGI is currently trading at $6.61 a share, up +$0.66 (+11.09%) on the TSXV. On the OTC, OrganiGram's stock is trading at $4.98 a share, up +$0.48 (+10.66%).
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