Organigram Hldgs Inc - OGI STOCK NEWS

Organigram Holdings Inc. (OGI) reported Q2 2021 results, revealing a 37% decline in net revenue to $14.6 million compared to Q2 2020, attributed to lower wholesale revenue and COVID-19 disruptions. Gross revenue fell 29%, and the company posted a net loss of $66.4 million, up from $6.8 million the previous year. Despite these challenges, Organigram anticipates improved performance in Q3 2021 due to enhanced staffing and a new product portfolio, including soft chews from its acquisition of The Edibles and Infusions Corporation.

Organigram Holdings (OGI) has acquired The Edibles & Infusions Corporation (EIC) for $22 million, plus up to $13 million contingent on performance milestones. This strategic acquisition enhances Organigram's product offerings in the growing Canadian edibles market, providing an operational footprint in Western Canada. EIC operates a state-of-the-art facility in Manitoba, poised to manufacture cannabis-infused products. The edibles segment is projected to expand significantly, with EIC's expertise and capabilities accelerating product development and market presence.

Organigram Holdings (NASDAQ: OGI) announced it will release its earnings results for Q2 Fiscal 2021 on April 13, 2021, before market open. The results will be discussed in a conference call at 8:00 AM ET the same day. The company is focused on producing high-quality cannabis for both medical and recreational markets in Canada, and expanding internationally. Stakeholders are advised to register in advance for the call to receive dial-in details. For further information, a replay of the call will be available within 24 hours on their investor website.

Organigram Holdings (NASDAQ: OGI) has successfully repaid approximately $58.5 million in outstanding balances under its credit agreement with Bank of Montreal. This repayment will save the company $2.7 million annually in interest costs. Following the repayment, Organigram's pro forma cash position stands at $235 million. The company is also in discussions with BMO to amend the credit agreement, aiming for continued support and flexibility in business growth.

Organigram Holdings (TSX: OGI, NASDAQ: OGI) has launched two new cannabis product lines: Indi, focusing exclusively on indica strains, and Edison Cannabis Co. indica pre-rolls. Indi's first strain, Skyway Kush, features a THC content of 20%-23%. The Edison pre-rolls include Black Cherry Punch (18%-24% THC), Ice Cream Cake (18%-24% THC), and Slurricane (17%-23% THC). Organigram's commitment to genetics and quality aims to enhance their product lineup, catering to the growing demand for indica products among cannabis consumers.

Organigram Holdings has launched two new recreational cannabis products: SHRED Tropic Thunder Jar of Joints and Trailblazer SNAX Milk Chocolate Bars. The SHRED brand, known for its high potency and quality, introduces a convenient jar of 14 pre-rolls with 18% THC. Meanwhile, the Trailblazer SNAX chocolate bar features a creamy cacao filling infused with THC, marking a unique entry in the market. Both products reflect Organigram's focus on consumer preferences and investment in automation to enhance production efficiency. They are now available at select retailers.

Organigram Holdings announces the departure of Matt Rogers, Senior VP of Operations, effective May 2021. Rogers has been instrumental in the company's growth as a leading cannabis producer. His efforts contributed to constructing the new edibles facility and operational strategies for 'Rec 2.0' products. Nathalie Batten has been appointed as the new Plant Manager, bringing substantial experience from Irving Oil and Keyera Corporation. Organigram aims to continue producing quality cannabis for both medical and recreational use while exploring international partnerships.

The cannabis sector experienced robust growth in 2020, with the U.S. market significantly outperforming Canada. While the Canadian adult-use market was valued at US$2.5B in October 2020, California alone reached $2.8B in 2019, highlighting the U.S.'s larger market potential. Regulatory improvements in the U.S. have fostered opportunities for profitability. Item 9 Labs reported a 65% revenue increase to $8.1 million for FY 2020, driven by production growth and strong demand. Upcoming opportunities include the opening of Arizona's adult-use market and a merger with ONE Cannabis Group.

Organigram Holdings (OGI) reported Q1 Fiscal 2021 results with net revenue at $19.3 million, down 23% from $25.2 million in Q1 2020, due to lower wholesale revenue and prices. Gross revenue decreased 11% to $25.3 million, alongside a significant net loss of $34.3 million. Despite these declines, net cash provided from operations improved to $0.3 million. The Canadian adult-use recreational market saw 30% growth to $16.8 million, attributed to new product launches in the dried flower segment. The company aims to enhance margins through new higher-margin Edison strains.