OrganiGram Holdings Inc (OTCMKTS:OGRMF) has been an interesting outperformer in the cannabis space for most of the year. However, shares have been slightly underperforming over the past couple weeks, and one wonders when it might be time to start looking for a new jolt of support. To help push that narrative into play, the company just announced it has completed the registration process with Saskatchewan Liquor and Gaming Authority (SLGA), making it an official supplier of cannabis for the province.
“We are pleased to have been selected as an official supplier of cannabis in Saskatchewan,” says Tim Emberg, Senior Vice President of Sales and Commercial Operations, Organigram. “We look forward to working with retailers and key distributors to help ensure the success of the adult recreational market in the province.”
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.”
Heading Out the Door
As noted above, OGRMF just announced it has completed the registration process with Saskatchewan Liquor and Gaming Authority (SLGA), making it an official supplier of cannabis for the province.
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.
“We are proud to offer Canadians access to our growing portfolio of safe, high-quality recreational products,” says Greg Engel, Organigram’s Chief Executive Officer. “At Organigram, we are committed to positive and productive relationships with our partners across the country, and to the development of innovative products that meet the needs of our customers from coast to coast.”
According to the release, the product is expected to start shipping to Saskatchewan before the end of 2018.
OrganiGram Holdings Inc (OTCMKTS:OGRMF) managed to rope in revenues totaling $3.7M in overall sales during the company’s most recently reported quarterly financial data — a figure that represents a rate of top line growth of 94.3%, as compared to year-ago data in comparable terms. 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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