Organigram Holdings Inc (CVE:OGI) posted the financial report for the quarter closing May 31, 2017. The quarterly results included expenses linked with the implementation of the “QA Program”. This program was followed to ensure that the firm manufactures the best quality product available in the market and in anticipation to a previously reported voluntary recall of certain items produced last year.
As a result of Organigram Holdings’ increased focus on product safety and quality with the planned objective of establishing a pioneering role in such regard within the marketplace, the firm focused on launching product of the top quality to the market. This program effectively noted product lots that had to be eliminated from inventory well before being launched to the market. The successful implementation of QA program led in a decline in inventory value for the third quarter.
Organigram is delighted with the results and development recorded during the third quarter from an operational view and management is assured that these measures establish the base for long-term success for the firm. This focus on product quality led to a 25% net jump in registered patients in the third quarter as compared to the second quarter of this year.
In addition, the firm continued to make notable headway in increasing its production capacity and confirming that it is all set to be a market pioneer in the proposed adult-use recreational industry in anticipation of a June 2018 adult recreational program release date.
Greg Engel, the CEO of Organigram, reported that their top priority in the third quarter was ensuring that product safety and quality remain a stated goal of company. Through the application of a tier-one quality assurance plan and better production techniques, the firm will ensure that just the top quality product is offered to clients of Organigram. Engel added that they are assured that these actions lead in company being well set for future success.