Organigram Hldgs Inc - 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.