Organigram Becomes 4th Largest Canadian LP, Reports Financials – $30.4 million net revenue represents a record for the Company as it solidifies #4 market share position nationally among Canadian LPs
HIGHLIGHTS
- 23% growth in gross revenue to $44.3 million from Q4 Fiscal 2021 and 75% from the same prior-year period
- Achieved highest quarterly net revenue in the history of the Company at 22% growth to $30.4 million, from $24.9 million in Q4 Fiscal 2021 and 57% growth from $19.3 million in Q1 2021
- Maintained market share position as #4 Canadian LP with 7.5% market share, up from 4.4% share in Q1 Fiscal 20211
- SHRED popularity continues with Tropic Thunder and Funk Master achieving #1 and #2 positions respectively in November as the best-selling flower products in Canada1
- SHRED maintains most-searched brand status on OCS.ca (13 out of last 14 months)
- Recently launched Edison JOLTS, an ingestible extract lozenge, maintains its top selling position within its category1
- Launched 13 new stock-keeping units (SKUs) for a total of 49 SKUs available in the market, covering key categories
- Introduced Monjour, a new wellness brand offering high quality, high potency, CBD-forward products. Monjour’s first offerings are fruit-flavoured soft chews available in both vegan-friendly and sugar-free formats
- Resumed shipping to Israel through Canndoc Ltd., shipping over 1,400 kilograms of dry flower in the quarter
- Subsequent to quarter-end, acquired Laurentian Organic Inc., a private Quebec-based producer of hash and craft cannabis, an immediately accretive transaction providing the Company with a broadened, premium-focused product portfolio and footprint in the important Quebec market
- Also subsequent to quarter-end, the Company increased its investment in Hyasynth Biologicals Inc., a pioneer in cannabinoid science, in which the Company has the option to purchase Hyasynth’s proprietary biosynthesis-generated cannabinoids at a discount to the wholesale market price for a period of ten years from the date of Hyasynth’s commencement of commercial production
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent company of Organigram Inc. (together, the “Company” or “Organigram”), a leading licensed producer of cannabis, announced its results for the first quarter ended November 30, 2021 (“Q1 Fiscal 2022”).
“Our record-breaking results in the first quarter of Fiscal 2022 are a testament to our successful strategy to create innovative, high-quality products that align with the evolving preferences of the various segments of cannabis consumers,” said Beena Goldenberg. “Our positive outlook for 2022 is further bolstered by the addition of Laurentian’s premium products to our portfolio, with an increased presence in Quebec and the resumption of international sales, which will continue through the year.”
“We are also pleased with our continued progress at improving economies of scale in our operations, thus reducing operating costs and driving significant improvements in adjusted gross margin and adjusted EBITDA,” added Goldenberg. “While we previously projected to achieve positive adjusted EBITDA in Q4, with the purchase of Laurentian that will be accelerated to Q3 Fiscal 2022.”
Organigram Becomes 4th Largest Canadian LP, Reports Financials
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