OrganiGram Holdings Inc (OTCMKTS:OGRMF) recently put out a piece stating that it “is proud to be part of this historic moment in Canadian history. The company is also pleased to have collaborated with provinces and other jurisdictional partners across the country, supporting the successful launch of this new market.”
“The launch of the Canadian adult recreational cannabis market has already exceeded our expectations in many ways,” says Greg Engel, CEO, Organigram. “Consumers have immediately shown tremendous support for this new marketplace and incredible interest in our own portfolio of recreational brands, driving a phenomenal volume of early 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.”
As we discussed earlier, OGRMF just announced it “is proud to be part of this historic moment in Canadian history. The company is also pleased to have collaborated with provinces and other jurisdictional partners across the country, supporting the successful launch of this new market.”
“From the foresight required to develop back end sales systems and secure inventory, to designing impeccable customer experiences, to managing the extraordinary volume of sales, our partners including the New Brunswick provincial authority, Nova Scotia Liquor Corporation, Prince Edward Island Liquor Control Commission, Newfoundland and Labrador Liquor Corporation, Ontario Cannabis Store, Alberta Gaming & Liquor Commission and Manitoba Liquor & Lotteries have offered Canadians – and the world – a model of the kind of infrastructure necessary to help this nascent market succeed,” says Engel.
OGRMF has been through some pressure over the past week. But the news has helped to repair that damage and reset the action in terms of the past week’s performance.
“In addition to the excellent bricks and mortar locations that were ready to welcome customers across the country, the Ontario Cannabis Store offered a seamless online environment that was able to accommodate customer demand in the province.”
OrganiGram Holdings Inc (OTCMKTS:OGRMF) generated sales of $3.7M, according to information released in the company’s most recent quarterly financial report. That adds up to a sequential quarter-over-quarter growth rate of 1% on the top line. In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($155.8M against $9.1M).
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