Cannabis producer Organigram experienced a significant resurgence in their third fiscal quarter after a dismal start to the calendar year.
According to financial results released by Organigram, gross revenue surpassed $29 million, up 51% from the last quarter. In addition, net revenue increased to $20.3 million for the quarter that ended on May 31.
Increases in adult recreational use and wholesale revenue lead to a strong rebound, according to Organigram’s Chief Financial Officer, Derrick West.
The Moncton-based company harvested over 8000 kg. of dried flour to meet the increased demand for many new products and properly stock new retail stores.
Forecasts to end the fiscal year are optimistic as larger Canadian markets such as Ontario prepare for a re-opening.
“Sales are trending higher to date in Q4 supported by a strong outlook for the industry as the number of cannabis retail stores continues to grow and existing stores are permitted to re-open their doors to customers,” said Paolo De Luca, Chief Strategy Officer.
Organigram remains without a permanent CEO after Greg Engel announced his departure in May.
De Luca says a leading search firm has been hired, and the committee responsible for the selection of a new CEO has been busy reviewing candidates.
“They are now in the second stage of the interview process with a short list of candidates.”
