Cannabis Player Organigram Clocks Q4 Gross Margin Of 37% On Higher Efficiency Across Cultivation And Higher Recreational Sales, Stock Soars
On Wednesday, Cannabis producer Organigram Holdings Inc (NASDAQ:OGI) reported fourth-quarter sales of $31.22 million (44.7 million Canadian dollars), up from 36.7 million Canadian dollars, beating the consensus of 42.98 million Canadian dollars.
The company adds it became Canada’s largest cannabis company by market share following the acquisition of Motif Labs subsequent to year-end.
Sales increased 22% year-over-year, primarily due to higher recreational cannabis sales and international sales.
Adjusted gross margin was 16.5 million Canadian dollars, or 37% …