Organigram Holdings Inc. (OTCQX: OGRMF) just announced the company’s financial report for the first quarter of 2019. Following the report, the share price jumped nearly 20% to $5.31 USD at 5pm EST Monday.
The company revenue for Q1 of 2019 totaled to $12.4 million and is an increase of 287% from $3.2 million in Q4 of 2018. Organigram’s Q1 financials also shows a 419% increase when compared to 2018’s Q1 report of $2.4 million in revenue.
Greg Engel, Chief Executive Officer of Organigram, stated: “The first quarter of 2019 is just the start of what we expect to be a year of tremendous growth. We’ve always believed the Moncton Campus would be a competitive advantage for us being able to produce high-quality indoor-grown product at a low cash cost of cultivation. Our first quarter results confirmed that as we reported an adjusted gross margin of 71%.”
The reported net income from Organigram is at $29.5 million for Q1 2019. Organigram reported a net loss of $1.2 million in Q1 of 2018
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