Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent company of Organigram Inc., a leading licensed producer of cannabis, today announced its results for the fourth quarter and fiscal year ended August 31, 2019 (“Q4” or “Q4 2019”). Among the highlights, Organigram reported a 547% growth in 2019 net revenue to $80.4 million from $12.4 million in 2018, and a 575% increase in 2019 gross margin, before fair value changes to biological assets and inventory, to $37.9 million or 47% of net revenue from $5.6 million or 45% of net revenue in 2018. “Our 2019 results reflected a successful year for Organigram. Not only did we report strong top-line growth and establish an enviable national market share position in Canada, we generated positive adjusted EBITDA – one of the key measures we use to evaluate our performance,” Organigram Chief Executive Officer Greg Engel said in the news release. “In 2019, we increased staffing and capacity to meet forecasted demand and maintain inventory in the market. Industry structural issues have challenged supply and demand dynamics in the short-term but we believe the growth opportunity in the Canadian cannabis market remains intact.”
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About Organigram Holdings Inc.
Organigram Holdings Inc. is a NASDAQ Global Select Market and a Toronto Stock Exchange (“TSX”) listed company whose wholly owned subsidiary, Organigram Inc., is a licensed producer of cannabis and cannabis-derived products in Canada. Organigram is focused on producing high-quality, indoor-grown cannabis for patients and adult recreational consumers in Canada, as well as developing international business partnerships to extend the company’s global footprint. Organigram has also developed a portfolio of adult use recreational cannabis brands including The Edison Cannabis Company, Ankr Organics and Trailblazer. Organigram’s primary facility is located in Moncton, New Brunswick and the company is regulated by Health Canada under the Cannabis Act (Canada) and the Cannabis Regulations (Canada). For more information, visit the company’s website at www.Organigram.ca.
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