24/7 Market News Snapshot 13 Aug 2024 – Organigram Holdings Inc. Common Shares (NASDAQ: OGI)

August 13, 2024 6:15

Press Release

DENVER, Colo., 13 August, 2024 (247marketnews.com) – (Nasdaq:OGI) are discussed in this article.
Organigram Holdings Inc. (OGI) has exhibited strong upward momentum, opening at $1.64 and currently trading at $1.73, reflecting a significant 20.28% increase from the previous session close of $1.44. This surge, accompanied by robust trading volume of 1.3 million shares, underscores heightened investor interest and bullish sentiment, likely fueled by positive developments within the company.

Notably, Organigram has reported exceptional financial results for the third quarter, ending June 30, 2024, marked by a 25% year-over-year increase in net revenue to $41.1 million and a substantial rise in adjusted EBITDA to $3.5 million compared to a loss of $2.9 million in the previous period. The company’s strategic international ventures are critical to its growth. An investment of approximately $21 million into Germany’s Sanity Group GmbH has fortified its European presence, while new supply agreements in Australia and the U.K. expand its global reach to seven key markets, including Germany and Israel.

A clinical study completed on the FAST™ nanoemulsion technology has showcased faster onset and improved bioavailability of ingestible cannabis products, cementing Organigram’s status as a leader in cannabis innovation. CEO Beena Goldenberg noted that these strategic investments and partnerships have positioned the company for substantial growth and diversification.

In the Canadian market, the company introduced 18 new SKUs during Q3 Fiscal 2024, including SHRED’s combo packs, new flavors of infused pre-rolls, Trailblazer’s premium cannabis strains, and Monjour’s innovative gummies. Financially, Organigram boasts a pro-forma cash position of approximately $173 million, coupled with a 22% reduction in SG&A expenses, signifying efficient cost management.

CFO Greg Guyatt highlighted the company’s positive adjusted EBITDA as a testament to its operational efficiencies and margin improvements. With a robust cash position, Organigram is well poised to seize future growth opportunities, aligning with its strategy to expand its global footprint, drive innovation, and deliver long-term shareholder value.

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