OrganiGram Holdings Inc (OTCMKTS:OGRMF) is a stock that holds great potential as the cannabis space regains its footing amid a sharp correction – perhaps the most predictable correction of all time in market history following the sharp run higher in the space heading into the Canadian legalization announcement in the middle of October.
The company just announced that the Company has signed a supply agreement with the Province of British Columbia. As noted by the company in its most recent press release, “In British Columbia (BC), Organigram has signed an agreement with the BC Liquor Distribution Branch (BCLDB), the sole, wholesale distributor of non-medical cannabis for the province that will operate standalone, public retail stores and provide online sales.”
OrganiGram Holdings Inc (OTCMKTS:OGRMF) is a TSX Venture Exchange listed company whose wholly owned subsidiary, OrganiGram Inc., is a licensed producer of medical marijuana in Canada.
OrganiGram is focused on producing the highest quality, condition-specific medical marijuana for patients in Canada. OGRMF’s facility is located in Moncton, New Brunswick and the Company is regulated by the Access to Cannabis for Medical Purposes Regulations.
The company’s own portrayal of its market positioning runs as follows: “From the day we started back in 2013, it’s been about making lives better – for our clients, our people, and our community. We’re based in Moncton, New Brunswick, the heart of the Maritimes, but at OrganiGram Holdings we’re committed to improving the quality of life for Canadians across the country. For us, this means working with health-care providers and industry organizations, supporting research and education, and providing a safe, effective product.”
“To be effective in that last goal, we made a decision to produce organic cannabis. Growing certified organic medical cannabis isn’t easy, in fact, most licensed producers won’t take this on. It means more care, more testing, more rules… but in the end, it means a product that we feel delivers on our goals in the best way. And improving the quality of life for Canadians is not just about getting safe, quality product to them effectively. It’s about creating jobs, being good neighbors and contributing to our community.”
In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($155.8M against $9.1M).
We started off by noting that OGRMF just hit the wires with the announcement that the Company has signed a supply agreement with the Province of British Columbia.
As noted by the company in its most recent press release, Organigram has signed an agreement with the BC Liquor Distribution Branch (BCLDB), the sole, wholesale distributor of non-medical cannabis for the province that will operate standalone, public retail stores and provide online sales.
“Organigram’s strategic vision has always been to establish a definitive national footprint,” says Greg Engel, Organigram’s Chief Executive Officer. “We are proud to realize that vision and offer Canadians from coast to coast access to our growing recreational product portfolio.”
OGRMF has responded well, rallying about 3% over the past five days, with this news clearly driving the action.
“We are excited to work with partners across the country, now including the Province of British Columbia to help ensure the success of new adult-use recreational cannabis markets in each of these regions,” says Tim Emberg, Vice President of Sales and Commercial Operations, Organigram.
OrganiGram Holdings Inc (OTCMKTS:OGRMF) pulled in sales of $3.7M in its last reported quarterly financials, representing top line growth of 94.3%.
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