New Products Boost Organigram’s OutlookJuly 13, 2021
Moncton, New Brunswick-based Organigram reported net revenue of C$20.3 million ($16.2m) for the financial quarter that ended May 31. That figure was up nearly 40% from the quarter prior, reflecting gains in adult-use sales—which totaled C$16.8 million ($13.4m)—bolstered by an array of new product launches.
In particular, Organigram put its weight behind its higher margin Edison brand, launching pre-roll packs of Black Cherry Punch, I.C.C., and Slurricane strains in March, followed by flower strains GMO Cookies and MAC-1 in April. The company also launched its Indi brand in March, which is dedicated exclusively to Indica cultivars. Skyway Kush, Indi’s first release, has since been joined by Biscotti Gelato and the somewhat less potent Gelato #33. In other form factors, Organigram is supporting Edison with Limelight strain vape cartridges. Organigram also continues to find success in the value segment with its Shred brand which, in March, debuted Jar of Joints, a jar containing 14 half-gram pre-rolls of Shred Tropic Thunder.
The company took a net loss of C$4 million ($3.2m) and logged an adjusted EBITDA loss of C$10.2 million ($8.1m). It’s nonetheless bullish on the future, saying its next quarter should see stronger revenue driven by increased foot traffic as pandemic restrictions lift, the steady increase in cannabis retail locations, and new revenue from new products such as soft chews and candies as part of Organigram’s acquisition of Winnipeg-based The Edibles and Infusions Corporation.—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.
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