Organigram, a leading Canadian licensed producer of high-quality medical and recreational cannabis, has reported a loss in its latest quarter as its revenue more than doubled compared with a year ago.
The company said this week that its net loss for the quarter ended Feb. 28 amounted to $4 million compared with a loss of $66.4 million in the same period a year earlier.
Gross revenue in the company’s second quarter totaled $43.9 million, up from $19.3 million a year earlier. Net revenue was $31.8 million, up from $14.6 million.
Organigram says the increase was primarily due to a rise in adult-use recreational sales and international revenue, partly offset by a lower average net selling price due to a change in product mix and a decrease in medical revenue.
Looking ahead, the company expects its third-quarter revenue to be up from its second quarter due to ongoing sales momentum, stronger market growth and its expanded product line.
It also says it expects to benefit from greater capacity to meet demand at its Moncton campus, increased throughput at its Winnipeg facility and its acquisition of Quebec-based company Laurentian Organic Inc.
