Organigram Holdings Inc. Common Shares - OGI STOCK NEWS

Organigram Holdings (NASDAQ: OGI) reported strong financial results for Q2 Fiscal 2023, achieving net revenue of $39.5 million, a 24% increase from $31.8 million in the same quarter last year. The adjusted gross margin improved to $13.4 million (34%), up from $8.3 million (26%). Notably, the company posted an adjusted EBITDA of $5.6 million, marking the fifth consecutive quarter of positive results, compared to $1.6 million in Q2 Fiscal 2022. Despite facing pricing pressures, particularly in large format flower SKUs, Organigram anticipates continued growth, with expectations for higher revenues in Q3 Fiscal 2023 driven by innovation and expanded product lines.

Organigram Holdings Inc. (NASDAQ: OGI) announced it will report second quarter fiscal 2023 earnings results on April 11, 2023, after market close. A conference call is scheduled for April 12, 2023, at 8:00 am ET to discuss the financial outcomes. Investors will have the opportunity to register for the call in advance to receive details via email. The company, which is a leading cannabis producer in Canada, emphasized its focus on high-quality cannabis production and global partnerships. It holds a portfolio of brands catering to both recreational and medical markets.

Organigram has announced a strategic partnership with Greentank Technologies, aiming to enhance its vape market presence. The deal involves an $4 million USD investment, granting Organigram an 18-month exclusivity on new heating technology for 510 vape cartridges in Canada. This collaboration is anticipated to bolster Organigram’s product lineup, focusing on innovative heating methods that eliminate ceramic components, thus improving user experience. CEO Beena Goldenberg emphasized the commitment to innovation in the vape category, which represents approximately 17% of the Canadian market and continues to expand.

Organigram Holdings Inc. has nominated Caroline Ferland to its Board of Directors, increasing the total number of directors to ten. Ms. Ferland, a lawyer with significant international experience, previously served as BAT's Group Head of Business Conduct and Compliance, leading global compliance initiatives. She holds degrees in Economics and Law from notable Canadian universities. Peter Amirault, Board Chair, emphasized her legal and regulatory expertise as a valuable asset for the company.

Organigram operates as a licensed producer of cannabis products in Canada and aims to expand its international reach.

Organigram Holdings Inc. (NASDAQ: OGI) has received notification from Health Canada regarding its Jolts lozenge products, which were improperly classified. Initially launched in August 2021, these products are deemed cannabis extracts by the company. However, Health Canada has classified them as edibles, leading to a pause in production pending resolution. The company can still sell existing inventory until May 31, 2023. Organigram is consulting legal advisors to address the classification issue.

On February 28, 2023, Organigram Holdings announced the results of its annual general and special meeting.

All nine nominees for director positions were elected successfully, receiving significant shareholder support. For instance, Peter Amirault received 98.34% of votes in favor. The complete list of votes highlights a trend of strong backing for the board, with only a small percentage voting against.

Organigram continues to operate as a licensed cannabis producer in Canada, focusing on quality and expanding its brand portfolio.

Investors can follow updates on the company’s profile through SEDAR and EDGAR.

Organigram Holdings Inc. (NASDAQ: OGI) has launched SHRED X Rip-Strip Hash, an innovative cannabis product designed for convenience and flavor. This hash product features ten pre-cut strips in a 2g format, available in the popular Tropic Thunder and new Blueberry Blaster flavors. The SHRED brand, which has gained a significant market share since its introduction in September 2020, aims to attract both new consumers unfamiliar with traditional hash and existing hash users seeking convenience. With a market share of 25.2%, Organigram is a leading licensed producer in the Canadian hash category.

Organigram Holdings Inc. (NASDAQ: OGI) announced it received a Notification from NASDAQ regarding non-compliance with the minimum bid price requirement. For 30 consecutive trading days, the closing bid price of its common shares was below US$1.00, violating NASDAQ Listing Rule 5450(a)(1). The Notification does not affect the current listing status on NASDAQ, and the Company has until July 24, 2023, to regain compliance by closing at or above US$1.00 for 10 consecutive business days. Failure to comply may result in delisting, although the shares remain compliant on the Toronto Stock Exchange.