Organigram Stock Drops Despite Inclusion in Canada’s Top Employers

Organigram stock

Organigram stock is in the red on Friday despite Organigram Holdings (TSX:OGI) (NASDAQ:OGI) being named as one of Atlantic Canada's Top Employers in its annual list.

Organigram 'Sets a Standard' Says CEO

The yearly competition is organized by the editors of Canada’s Top 100 Employers and recognizes exceptional workplaces in Canada's four Atlantic provinces. Each company is compared with other firms in their industry and valued on a set of criteria, such as the physical workplace, work atmosphere, performance management, and training, skills, and development. Organigram Holdings, based in New Brunswick, currently employs 800 staff, having increased its headcount tenfold between 2017 and 2019. Despite the news, Organigram stock is down 1.8% today.

“We’re proud to accept this award, which demonstrates our exceptional teams’ ability to manage rapid growth while ensuring employee satisfaction, skills training and a vibrant company culture are priorities for the organization. As our region’s largest licensed producer, we consider it important to set a standard for a supportive and progressive workplace culture,” said Greg Engel, CEO of Organigram. Other contenders include energy firm Emera and Financial Crime Management solutions provider Verafin. Organigram stock is currently trading for $2.68.

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Organigram Stock Continues to Struggle

Organigram Holdings is no stranger to the awards circuit, having been handed an Outstanding Member Contribution Award by the Excellence in Manufacturing Consortium in October. However, it hasn't been all plain sailing at the company's Moncton, NB facility, where most of its staff is focused. Also in October, Organigram stock took a hit after "elevated bacteria" was found in the cooling towers at the plant.

While some reports have linked that bacteria discovery to an outbreak of legionnaires' disease, which occurred in the city at the same time, the New Brunswick government has kept the locations tested for legionella bacteria a tight-lipped secret for fear of the financial impact it may have. Dr. Yves Léger, a regional medical officer of health, previously told reporters that cooling towers in western Moncton were tested and confirmed to be the source of the outbreak. Regardless of the source, Organigram stock is down nearly 45% since October.

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