Organigram Holdings Inc. (OGI) announced on April 24th that they have broken their record for number registered patients and their record for net sales. The company also recognized that they are well-poised to greatly benefit from the increasing demand of countries with newly legalized recreational cannabis markets.
The reported total of registered patients reached the new record number of 13,000 by the end of Q2. This isn’t the first time the company has broken their patient records in 2018. The company reported that at the end of Q1 the amount of registered patients totaled 10,700. This Q1 2018 total is a 167% increase from their Q1 total in 2017.
Organigram also announced that the total net sales for Q2 are a record breaking total of $3.7 million. The company was able to increase their net sales from Q1 2018 to Q2 2018 by $1 million. This is much greater than the increase from Q4 2017 to Q1 2018 when the report showed 2017 Q4 net sales at $2.1 million and a $2.7 million in net sales for Q1 2018.
The value for OGI increased to a new market high of 4.08 CAD due to this news but has decreased 3.43% since the new peak.