OrganiGram stock continues to trade high after OrganiGram Holdings (TSXV:OGI) (OTCQX:OGRMF) announces its signed letter of intent with Société québécoise du cannabis (SQDC). What does this mean? All things good because OrganiGram can now distribute to all 10 Canadian provinces, Quebec being the final piece on the board.
OrganiGram Expands to Quebec
The new letter of intent signed with the province of Quebec solidifies OrganiGram's position as a true nation-wide player in the adult-use recreational market in Canada. There are only two other licensed producers in Canada that have distribution agreements with every single province. Those companies are Aphria (TSX:APHA) (NYSE:APHA) and Canopy Growth Corporation (TSX:WEED) (NYSE:CGC).
This latest company movement puts OrganiGram Holdings in a great position to compete with the top cannabis companies in Canada. But more can still be done to really put OrganiGram in a prime position. Currently, OrganiGram stock trades on the TSX Venture Exchange. However, most of the top cannabis companies trade on the Toronto Stock Exchange—so an uplisting would certainly help OrganiGram's case, but whether or not one will happen remains to be seen.
>> CNNX Stock Soars 15% After Pure Ratios Acquisition: CBD Market Ahead
"Organigram's growth strategy has always focused on establishing a strong national footprint and building our brand presence with the Edison Cannabis line nationally," commented Greg Engel, Organigram's CEO.
OrganiGram states in the press release that Quebec is an important part of the company's national strategy. The cannabis distributor will offer Quebec residents pre-rolls, oils, and mainstream and premium flower.
OrganiGram Stock Movement
At the time of writing, OGI is currently the top trading cannabis stock on the TSXV for volume and number of trades. The cannabis stock is currently trading at $8.20 a share, up +$0.37 (+4.37%). For the month, OGI is up +23% and year-to-date, the cannabis stock is up +53%. In the last 12 months, OGI has risen 118%.
On the OTCQX, OGRMF is trading at $6.44 a share, up +$0.49 (+8.18%). For the month, OrganiGram stock is up +28% and year-to-date, it is up +68%.
Featured Image: Canva
