Canadian Medicinal Marijuana Company Organigram Reports Q1 Fiscal 2022 Results
Organigram Holdings, Inc. (NASDAQ: OGI), parent company of a Canadian medical marijuana provider, announced its first quarter results (Q1 Fiscal 2022) ending November 30, 2021.
Historically high net revenue increase of 57% to $30.4 million, compared to $19.3 million in net revenue last year
20% increase in cost of sales to $27.9 million year-over-year
$2.5 million gross margin before charges, a significant improvement from last year’s negative $3.8 million
$5.5 million adjusted gross margin (18% of net revenue) compared to $1.9 million (10% of net revenue) from last year
21% increase in selling, general and administrative expenses to $12.6 million from $10.5 million last year
$1.3 million net loss, compared to last year’s net loss of $34.3 million during the same time
“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 Organigram’s CEO Beena Goldenberg.
Most recently, Organigram acquired $2.5 million of secured convertible debentures in Hyasynth Biologicals Inc., a biotechnology company engineering biosynthetic cannabinoids. This investment took place on December 22, 2021, and proceeds were allotted to Hyasynth to improve production scalability, new cannabinoid technologies, business development, and company growth.
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