Organigram Archives - Green Market Report

StaffStaffAugust 20, 2019
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7min2400

It’s time for your Daily Hit of cannabis financial news for August 20, 2019.

On The Site

iAnthus

Multi-state operator iAnthus Capital Holdings, Inc. (CSE: IAN)(OTCQX: ITHUF) said that it has entered into a senior secured term loan of up to $50 million from one or more investment funds managed by Torian Capital Partners. The loan will be doled out in two tranches of $25 million each with similar terms.

iAnthus said it will use the money for its expansion efforts in Florida and the company’s new Be. retail locations in Nevada, New Jersey and New York. The company is expected to report its second-quarter earnings on August 27.  Last month the company noted that its CBD For Life products will be sold in Dillards Department Stores.

BDS Analytics

Cannabis data company BDS Analytics announced that it closed on $7 million in new financing, led by KEY Investment PartnersAltitude Investment Management, and 7thirty, with participation from other investors. A part of the financing deal, Pete Karabas of KEY Investment Partners will be joining the board of directors. BDS said it will use the money to expand coverage of emerging cannabis markets and strengthen its operating infrastructure with investments in machine learning, marketing and sales, and strategic partnerships.

“As the global cannabis economy continues to expand, it is imperative that we’re able to scale alongside it to remain an indispensable asset for key decision-makers in the industry,” said Roy Bingham, CEO, and Founder of BDS Analytics. “We’re excited about this new round of funding, which will allow us to further enhance our GreenEdge platform and expand our capabilities to the entire addressable cannabinoid market.”

In Other News

Organigram

Organigram Holdings Inc. (NASDAQ: OGI) (TSX VENTURE: OGI) received final approval for the listing of its common shares on the Toronto Stock Exchange (“TSX”). Organigram’s common shares will commence trading on the TSX at the opening on Thursday, August 22, 2019, continuing to trade under the symbol OGI. To ensure continued and seamless trading for the Company’s shareholders and as a result of the graduation, there will be no further trading on the TSX Venture Exchange after Wednesday, August 21, 2019. Organigram’s common shares will be delisted from the TSX Venture Exchange at the commencement of trading on the TSX.

Empower Clinics

Empower Clinics  (CSE: CBDT) (OTC: EPWCF) a vertically integrated and growth-oriented CBD life sciences company, and a multi-state operator of medical health & wellness clinics in the U.S., announced that its common shares will begin trading on the OTCQB Venture Market at the opening of the market on August 20th, 2019 under the stock symbol (OTC: EPWCF). “Our listing on the OTCQB Venture Market in the United States complements Empower’s listings on the Canadian and Frankfurt Stock Exchanges, respectively, broadening our investment base as we accelerate our growth strategy in the global medical cannabis and wellness sectors,” said Steven McAuley, Empower CEO.  “This is a timely milestone, as we have a robust pipeline of activity tied to product development, business development, M&A and, overall company expansion.”

Acquired Sales Corp.

Acquired Sales Corp. (OTC Pink: AQSP) announced that it has signed a definitive merger agreement to acquire 100% of CBD LION LLC (www.CBDLION.com), Mundelein, Illinois, for consideration of $2 million in cash, plus 5 million shares of Acquired Sales Corp.’s common stock. Acquired Sales Corp. also announced that it has loaned $300,000 to CBD LION LLC that will be used as growth capital.


Debra BorchardtDebra BorchardtJuly 15, 2019
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6min4530

The parent company of Organigram Inc., Organigram Holdings Inc. (NASDAQ: OGI) (TSX VENTURE: OGI) reported its revenue of $24.8 million for the third quarter ending May 31, 2019, fell sequentially from the second quarter net revenue of $26.9 million. However, it was a 621% increase over last year’s net revenue of $3.4 million.

The company said that the third-quarter net revenue reflected significant sales growth from Alberta and Atlantic Canada offset by the timing of shipments to Quebec that occurred subsequent to quarter-end, a large pipeline fill in Q2 2019 for Ontario in advance of opening retail stores that were not fully matched by reorders in Q3 and fewer reorders from British Columbia in Q3 (as demand for legal products remains generally under indexed in that province). The gross revenue of $30.3 million was a 784% increase over last year’s gross revenue of $3.4 million.

The company also delivered a net loss of $10.2 million or $(0.07) per share. The company said the net loss was largely due to non-cash fair value changes to biological assets in inventory. This was a 429% increase over the net income of $4 million for the same time period last year. Year to date, net income from continuing operations was $12.9 million or $0.09 per share on a diluted basis

“We continued to report strong sales in our third quarter and now have distribution in all ten provinces. In our fiscal year to date, we have generated strong operating and financial results, placing us among the leaders in the Canadian industry. While we saw a temporary reduction in yield per plant in Q3 due to temporary changes in growing protocols, not only have our yields returned to historical levels, but we have seen a meaningful increase in average cannabinoid levels in harvests to date in Q4” said Greg Engel, Chief Executive Officer of Organigram.

Cost To Grow Got More Expensive

The third quarter cash and “all-in” costs of cultivation of $0.95 and $1.29 per gram of dried flower harvested4, respectively, increased from $0.65 and $0.95 per gram in Q2 2019 almost exclusively due to a temporary decrease in yield per plant as a result of a change in growing protocol. The company said it returned to proven growing methods and yield has returned to previous levels toward the end of Q3 and in Q4 (to date).

The change in growing methods also affected the gross margins which decreased to $12.3 million or 50% from the second quarter’s 2019 adjusted gross margin of $16.0 million or 60%5 largely due to production costs, the temporary decrease in yield per plant and write-downs of legacy packaging materials that were replaced with new, more consumer-friendly packaging. Q3 gross margin was negative $0.2 million largely due to fair value changes in biological assets and inventory sold.

Getting Ready For Edibles & Vapes

The company said its production and product development teams have made significant preparations to execute its strategy and plans for the derivatives and edibles launch later in 2019. Organigram has chosen to initially focus on the two most popular product forms based on US state sales data: vaporizer pens and edible products.

Organigram said it expects the construction of additional in-house extraction capacity to be completed by the end of calendar 2019. However, it said it has the capacity to fill vaporizer pens in its existing facility ahead of the licensing of Phase 5 in order to be ready to sell the products as soon as authorized for sale in December 2019. During the quarter, Organigram announced a $15 million investment commitment in a high speed, high capacity, fully automated production line with the ability to produce up to 4 million kilograms of chocolate edibles. The investment will provide the company with a state-of-the-art chocolate molding line and a fully integrated packaging line that includes advanced engineering, robotics, high-speed labeling, and automated carton packing. Organigram expects to take delivery of the equipment in the fall of 2019 and complete installation and commissioning in time for initial sales shipments in early calendar 2020

“We have seen adult recreational cannabis sales highly correlate to the presence of physical retail stores based on a comparison of the provinces in Canada. The Canadian market is positioned to grow significantly with more retail stores opening – particularly in the two most populous provinces of Ontario and Quebec – and the upcoming legalization and availability of edibles and derivative products..”


Debra BorchardtDebra BorchardtMay 20, 2019
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4min5990

Canadian-based Organigram Holdings Inc. (TSX VENTURE: OGI) (OTCQX: OGRMF)  will begin trading on the NASDAQ Global Select Market on May 21, 2019. The company will continue to list its common shares on the TSX Venture Exchange under the symbol “OGI.”

“As a management team we are seeing increased interest from investors in the U.S. and internationally and believe that having a listing on the NASDAQ will facilitate trading,” said Paolo De Luca, Chief Financial Officer of Organigram. “In addition, based on precedents in the cannabis space, we expect trading volumes to increase which should result in increased liquidity for all investors”.

The company has also hired Native Ads, Inc. to manage a digital media marketing campaign and entered into an agreement with Hybrid Financial Ltd. to provide marketing services to advisors, brokers and institutional investors in North America.

Organigram has developed a portfolio of legal adult use recreational cannabis brands including The Edison Cannabis Company, Ankr Organics, Trailer Park Buds and Trailblazer. Organigram’s primary facility is located in Moncton, New Brunswick and the Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).

Investment in Chocolate

Organigram also announced a $15 million investment commitment in a high-speed, high-capacity, fully-automated production line with the ability to produce an estimated 4 million kilograms of exceptional chocolate cannabis edibles per year. Organigram said it expects to take delivery of the line in the fall.

The company said that the line is expected to allow Organigram’s product development team to introduce chocolate innovations unique not only to the cannabis industry but to the chocolate industry as a whole.

“Over the last number of years, Organigram has become known for its best-in-class cannabis production facility and high-quality products,” says Greg Engel, CEO, Organigram. “With this investment, we will soon also be known for our world-class chocolate production capability.”

Organigram’s foray into chocolate is led by a product development and production team with more than 25 years of combined chocolate experience and expertise. As previous Vice President, Operations at Ganong Bros Limited, Jeff Purcell, Organigram’s Senior Vice President of Operations, will leverage his many years of chocolate experience to implement and manage the project. The company has also recruited a marketing, product development and a research team led by Ginette Ahier, previously of Adorable Chocolate, and Mouna Gharsallah, previously of Tunisia based Sotuchoc.

The full Organigram chocolate offering that is under development is expected to be supported by a carefully curated collection of partners and suppliers identified for their own global expertise and unwavering commitment to quality. The investment will contribute to a state-of-the-art chocolate molding line and a fully integrated packaging line, that includes advanced engineering, robotics, high-speed labeling, and automated shipping carton packing.

“Not only have we invested in exceptional technology, but we have also brought an outstanding team to the table,” says Engel. “I don’t believe there is another team assembled out there that can rival ours when it comes to understanding – and reimagining – the potential of chocolate cannabis-infused edibles.”


Debra BorchardtDebra BorchardtApril 15, 2019
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5min3970

Organigram Holdings Inc. (TSX: OGI) (OTCQX: OGRMF) announced its results for the second quarter ending February 28, 2019 with net revenue of $26.9 million, a 693% increase over last year’s net income $3.3 million. The net loss from continuing operations was $6.4 million or $(0.05) per share on a diluted basis versus $1.2 million net income, or $0.01 per share on a diluted basis for the same time period in the previous year.

The adjusted EBITDA of $13.3 million or 49% (of net revenue) was positive for the third consecutive quarter and increased from an adjusted EBITDA loss of $0.3 million in Q2-2018 driven by exponentially higher unit sales.

“For the second consecutive quarter, our results reflected operational excellence which translated into record revenue for the Company, industry-leading adjusted gross margin, and positive adjusted EBITDA, all of which differentiates us from most of the Canadian industry today,” said Greg Engel, Chief Executive Officer. “Our team has already progressed several key initiatives in preparation for the derivative and edibles launch in the fall of 2019.”

Q2-2019 gross revenue of $33.5 million included the first full quarter of adult-use recreational sales and increased 1,044% over the previous year’s gross revenue of $2.9 million. The cash cost of cultivation was $0.65 and “all-in” cost of cultivation of $0.85 (including non-cash depreciation and share-based compensation) per gram of dried flower harvested decreased from $1.24 and $1.48, respectively, in Q2-2018 largely due to higher yields per plant.

Adjusted gross margin (a non-IFRS measure that excludes the effects of fair value adjustments on biological assets and inventories) increased to $16.0 million or 60% (of net revenue) from $1.8 million or 52% (of net revenue) in Q2 2018 as explained by increased unit volume sales. Q2-2019 reported gross margin (includes fair value adjustments on biological assets and changes in inventory) equaled $8.0 million compared to $6.2 million in Q2-2018.

Sales and marketing and general and administrative expenses were $5.7 million (excluding non-cash share-based compensation), up from $2.7 million in Q2-2018. As a percentage of net revenue, SG&A expenses excluding share-based compensation decreased to 21% from 79% in Q2-2018 as management continued with their disciplined approach to overhead spending during this high growth period.

Edibles & Beverage Launch

Organigram said it is well-positioned for the launch of the derivatives products in the fall of 2019. The company is currently focusing its interests on vaporizable pen technologies and a selection of edible products.  A chocolate molding line and additional fully automated packaging equipment for product lines such as edibles and other derivative based products have been ordered and short path distillation equipment for edibles and vape pens has been purchased.

Organigram said that it believes it has also developed a shelf stable, water-soluble and tasteless cannabinoid nano-emulsion formulation that provides an initial onset within 10 to 15 minutes if used in a beverage. Non-cannabis formulations with a similar molecule size are water-soluble in humans (i.e., absorbed through the bloodstream rather than requiring first-pass liver metabolism, which results in longer onset and duration). The company expects to receive appropriate research and development licensing in the very near future at which point it will be able to confirm the onset of action and duration of effect. At this point, the company is not planning to launch its own cannabinoid infused beverages and is actively seeking a strategic partner with proven experience in beverage product development.

It is expanding capacity with the Phase 4 and Phase 5 expansions of its Moncton facility as well as the extraction agreement with Valens.  The company has an exclusive consulting agreement with TGS International LLC, a vertically integrated cannabis company and proven market leader in Colorado, to better understand the demand for certain derivative-based products, market share trends over time and for the development of commercial-scale extraction and product development and processing.


Video StaffVideo StaffFebruary 1, 2019

3min13661

SLANG Worldwide went public this week using the symbol SLNG and trading on the Canadian Securities Exchange. The shares were priced at $1.50 and jumped 33% on the first day of trading to $1.99. The company is a merger between Slang and Organa Brands, the vape powerhouse that has done over $100 million in sales since 2014. Firefly is also included in the new company.

Organigram Holdings Inc. reported its first fiscal 2019 quarter results with net sales for the three months ending November 30, 2018, of $12.4 million, up 419% from $2.4 million in Q1’2018.  Sales rose 287% sequentially as the impact of legal adult use sales in Canada continues to be felt on the income statement. Net income for the quarter was $29.5 million

Sproutly Canada, Inc. announced financial results for the quarter ending November 30, 2018. The company reported a net loss of C$2.8 million or $0.02 per diluted share for the quarter versus last year’s net loss of C$473,405 for the same time period. In the filing, Sproutly noted that it has not generated any revenues from operations and has incurred losses since inception. The company has an accumulative deficit of $12,312,832

Innovative Properties Inc. d/b/a Nabis Holdings entered into an agreement with Canaccord Genuity Corp. and Eventus Capital Corp. for a brokered private placement of debenture units of up to C$30,000,000.

Dixie Brands Inc.  (CSE: DIXI.U) and Khiron Life Sciences Corp. (OTCQB: KHRNF) have signed a binding letter of intent to establish a 50/50 joint venture to introduce a full line of cannabis-infused products to the Latin American market.

Israel is set to pass a law allowing exports of medicinal cannabis, the Finance Ministry said last week, as the county ramps up its attempt to woo more investment and bolster state coffers. The bill passed its third reading in the Israel parliament in December and is now waiting for the cabinet and Prime Minister Benjamin Netanyahu to sign it into law.

 


Debra BorchardtDebra BorchardtJanuary 31, 2019
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3min4450

 Organigram Holdings Inc. (OTCQX: OGRMF) has surpassed making one million cannabis pre-rolls since the legalization of adult use recreational cannabis in October 2018. The company said that it credits the automation of its processes along with surging consumer demand for the success of its large-scale production.

“At Organigram, we are proud to be among a select group of licensed producers who have been able to rise to the challenge of large-scale pre-roll production,” says Greg Engel, CEO, Organigram. “Our operations team has done an amazing job introducing automation to important parts of our process, building our overall capacity while retaining our focus on product quality.”

Organigram said that very few licensed producers have been able to supply the market with dried cannabis pre-rolls which are in very high demand. The demand can be blamed partly on the limitations the country set at the onset of legalized adult use sales. Vaping products and edible won’t be available for purchase until later this year. Making pre-rolls the most convenient of options for consumers.

Knowing these limitations, Organigram said it expected demand for cannabis pre-rolls to be in line with other regulated markets at approximately 10%, although sales to this point have surpassed that due to high customer demand and industry under-supply. The company said that pre-rolled products represent approximately 12% of all its gross sales. Organigram currently supplies Edison Cannabis and Trailblazer 0.5g pre-rolls to nine provinces from coast to coast.

“We take our commitments to our partners and customers very seriously,” says Engel. “Through an aggressive but highly actionable growth strategy, meaning that with the expansion of our team, its expertise, and our facility, we are on track to deliver on our strategic promises.”

Expansion Update 

Organigram also gave an update on the expansion of its Moncton Campus located in New Brunswick. Phase 4A,  is currently underway and will offer the Organigram team 31 new grow rooms and a new mechanical room. As the Company’s Phase 4A construction progresses, Phase 4B construction also begins to take shape with 32 new grow rooms. Phase 4C will follow with 29 new grow rooms.


StaffStaffJanuary 29, 2019
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6min4480

It’s time for your Daily Hit of cannabis financial news for January 29, 2019.

On The Site

Sproutly

Sproutly Canada, Inc. (OTCQB: SRUTF)  announced financial results for the three and nine months ended November 30, 2018. The company reported a net loss of C$2.8 million or $0.02 per diluted share for the quarter versus last year’s net loss of C$473,405 for the same time period. The company also delivered a $9.5 million net loss for the nine months ending November 30.

In the filing, Sproutly noted that it has not generated any revenues from operations and has incurred losses since inception. The company has an accumulative deficit of $12,312,832 and negative cash flows from operating activities for the period from January 17, 2017 to November 30, 2018. To date, the company’s activities have been funded through financing activities.

New Mexico

The New Mexico Medical Cannabis Program racked up $106 million in sales in 2018 for a 23% increase over 2017. Patient enrollment grew by 45% from 2017 to 2018 and now counts 67,574 patients in the system. It’s easy to see an imbalance here. The patient count grew faster than sales.

The largest provider in the system Ultra Health said that the problem is plant count limits combined with regulatory hurdles. The company was the largest provider in the state with a market share of 15.4% in 2018 and reporting $16 million in revenue for the year.

In Other News

Valens GroWorks Corp. (OTC: VGWCF)  announced that it has entered into a multi-year extraction services agreement with Organigram Inc. (OTC: OGRMF) for cannabis and hemp extraction services. Valens will extract cannabis flowers and trim from Organigram’s Moncton operation as well as hemp to produce extract concentrate. In turn, the concentrate will be used by Organigram to produce oils and, eventually, derivative edible and vaporizable cannabis products. The legalization of cannabis edibles and other derivative based products in Canada is expected later this year. In addition, under the terms of the Agreement, Valens will also provide lab services for Organigram as needed.

Alternate Health Corp.(OTCQB: AHGIF) has done a non-brokered private placement of unsecured convertible notes under prospectus exemptions available under applicable securities legislation in the aggregate principal amount of up to C$12,000,000 ($9,000,000), maturing and payable on the date that is three years from the date of issuance. The private placement proceeds will assist in funding Alternate Health’s expansion into California’s adult-use cannabis industry, including key acquisitions. With licensed facilities in Los Angeles and Humboldt County, Alternate Health is actively marketing the Company’s software to leading players in the industry. In addition to funding expansion opportunities in product distribution and CBD marketing, private placement proceeds will be used in Alternate Health’s CanaPass business and for general working capital purposes.

Flower One Holdings Inc.  (OTCQB: FLOOF)  announced a new licensing agreement and Brand Partnership for cannabis-product fulfillment in Nevada. HUXTON is an Arizona-based lifestyle cannabis brand known for their curated, consistent, multi-strain blended products. Flower One is now licensed to manufacture, distribute and sell HUXTON’s signature cannabis products to all cannabis retailers in Nevada.


StaffStaffJanuary 28, 2019
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5min6750

Organigram Holdings Inc. (OTCQX: OGRMF) reported its first fiscal 2019 quarter results with net sales for the three months ending November 30, 2018, of $12.4 million, up 419% from $2.4 million in Q1’2018.  Sales rose 287% sequentially as the impact of legal adult use sales in Canada continues to be felt on the income statement.

Net income for the quarter was $29.5 million, or $0.195 per share on a diluted basis versus a net loss of $(1.2) million, or $(0.012) per share in Q1’2018. It was also a big jump sequentially from the fourth quarter net income of $18.0 million, or $0.152 per share on a diluted basis.

“The first quarter of 2019 is just the start of what we expect to be a year of tremendous growth,” said Greg Engel, Organigram’s Chief Executive Officer. “We’ve always believed the Moncton Campus would be a competitive advantage for us being able to produce high-quality indoor-grown product at a low cash cost of cultivation.  Our first quarter results confirmed that as we reported an adjusted gross margin of 71%.”

The company said that the gross margin percentage, excluding fair value adjustments on biological assets, increased to a record 71% during Q1’19 compared to 25% in the prior year comparative quarter and 50% in Q4’2018. Gross margin increased to $51.7 million in Q1’2019 from $1.3 million in Q1’2018 and $32.5 million in Q4’2018. If the company excludes fair value adjustments on biological assets, these figures would be $8.8 million$0.6 million, and $1.6 million, respectively.

Looking Ahead

“While we continue to work hard to take advantage of our enviable inventory build to drive increased sales we are already well underway preparing for the derivative and edibles launch during the fall of 2019,” added Greg.

Organigram said that fiscal 2019 sales will continue to be dominated by adult-use recreational revenue and that the second fiscal quarter will be the first full quarter of adult-use recreational sales for the company. Net revenue for the quarter is expected to be at least twice that of Q1 and currently, inventories are at $91.4 million up from $45.0 million at year-end August 31, 2018.

The company said it is also actively looking at outsourcing part of its “available for extraction” inventory balance as it represented approximately $38.0 of the $91.4 million inventory balance at quarter-end.

The earnings statement also noted that the budget for Phase 4 of the Moncton Campus expansion has increased from the original $110 estimate to $120 to $125 million due to the increased cost of steel, the timing of winter construction, and expedited timelines. Phase 4A is expected to come online in April 2019 with 31 grow rooms, 4B in August 2019 with 32 grow rooms, and 4C in the Fall of 2019 with 29 grow rooms bringing the company’s target production capacity to 62,000 kg/yr, 89,000 kg/yr, and 113,000 kg/yr, respectively. The company had spent approximately $37 million on Phase 4 by the end of Q1’19.

Last week, Organigram entered into an agreement with 1812 Hemp, a New Brunswick based industrial hemp research company to secure supply and support research and development on the genetic improvement of hemp through traditional plant breeding methods. As part of the deal, Organigram has access to approximately 6,000 kg of dried hemp flower harvested in the fall of 2018, which it intends to purchase and begin to send for extraction within the first calendar quarter of 2019.

 


Debra BorchardtDebra BorchardtDecember 14, 2018
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4min10080

Organigram Holdings Inc. (OTC: OGRMF) reported a 131% increase in net sales of $12.4 million for the 2018 fiscal year versus $5.4 million in 2017. Sales for the fourth quarter increased 76% to $3.2 million versus last year’s $1.8 million for the same time period. Organigram said that the sales to the adult recreational use market will be reflected in the first quarter of fiscal 2019 which includes the three months ending November 30, 2018.

The company also reported net income of $20.5 million in 2018 up from $(10.9) million in 2017. Most of those gains came from the fourth quarter where Organigram clocked net income of $18 million versus a loss of $2 million for the same quarter last year.

“The importance of 2018 cannot be overstated for Organigram as well as the industry,” said Greg Engel, the Company’s Chief Executive Officer. “We are incredibly proud of our ability to meet the challenges of scaling our business in preparation for the adult recreational use market. We are pleased with our progress to date and believe that we have performed well in a highly competitive space while always maintaining a sustainable cost structure. Ultimately, it is our view that our Moncton Campus will be seen as a crown jewel in the industry as it is able to produce consistent, high-quality indoor grown product at scale to support our brands with the lowest dried flower cultivation costs reported to date in Canada.”

Gross margins increased to $52.5 million in 2018 from $(3.3) million in 2017. The company said that excluding fair value adjustments on biological assets, those figures would be $6.5 million and $(1.9) million, respectively.

Registered medical patients increased to 15,730 in 2018 from 7,404 in 2017 or 112%.

Looking Ahead

The company said that its 2019 sales will be dominated by adult recreational use revenue and that the company estimates first-quarter sales alone will top that of the full year for fiscal 2018. This despite only a portion of that quarter will include adult use sales. Organigram went even further and said that second quarter 2019 sales will beat the first quarter based on purchase orders received to date.

Organigram said that it believes that it currently has the leading market share position in the Maritime provinces of New BrunswickNova Scotia, and Prince Edward Island with a strong presence in AlbertaManitobaNewfoundland, and Ontario. As a reminder, the company has signed adult-use recreational supply deals or listing agreements with customers in nine out of the ten Canadian provinces (Quebec is the exception) and has already shipped to all nine of those provinces. Quebec remains a target for 2019.



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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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