Organigram Archives - Page 2 of 5 - Green Market Report

Debra BorchardtJune 23, 2020


Organigram Holdings Inc.  (NASDAQ: OGI) issued a very brief announcement stating that the company was facing a lawsuit and that it was changing its newly launched Trailer Park Buds brand. Organigram said it wouldn’t comment on the case, which was started in the Court of Queen’s Bench in Alberta. It is a class action case that seeks damages from many cannabis companies including Organigram.

Pesticides In Cannabis

It wasn’t clear from the statement if this is a new case, but Organigram has already been battling one long-running case that stemmed from 2016. That complaint was filed against Organigram in 2017 after two recalls were issued over the cannabis products in 2016. Myclobutanil was the unapproved substance found in Organigram’s medical cannabis, and in 2017 the company acknowledged that some medical cannabis patients reported adverse effects from their product. The lead plaintiff, Dawn Rae Downton, said that unauthorized use of pesticides made her and other consumers sick.

Organigram lost its organic certification, but then subsequently got it back. Organigram has fought the case. Recently, Justice Peter Bryson on behalf of the appeals court wrote,  “There is no evidence that there is a workable methodology to determine that the proposed adverse health effects claims have a common cause.” The Nova Scotia Court of Appeals also dropped Downton’s claims for unjust enrichment. The order read, “Proposed common issues for those claims should not be certified.  The claim for unjust enrichment is improperly pleaded and should be struck.” The case looks like it is headed to trial.

Organigram has stated in its filings that there is no litigation that would have an adverse effect on the company.

Trailer Park Buds Rebrand

Organigram had planned to have a key brand in its portfolio called Trailer Park Buds, named after a Showcase Tv series called Trailer Park Boys. The group of friends is always trying to run get rich quick schemes that mostly revolve around selling cannabis. It seemed like a no-brainer, except that Canadian laws forbid celebrity endorsements.

Subsection 17(1) of the Act specifically states that cannabis products can’t be promoted “by means of the depiction of a person, character or animal, whether real or fictional,” nor “by presenting it or any of its brand elements in a manner that associates it or the brand element with, or evokes a positive or negative emotion about or image of, a way of life such as one that includes glamour, recreation, excitement, vitality, risk or daring.”

The product finally arrived on the shelves in April 2020 and it looked like the problems with the regulators had been solved. Now, Organigram says, “After reviewing perception around our Trailer Park Buds brand with Health Canada, the Corporation is making some changes to its newly launched brand and logo. In the immediate term, Organigram will move to a modified version of the logo. Longer-term, the Corporation is exploring options for a permanent logo and brand name combination for its large-format value brand. The Corporation will continue to have this large format value offering in the market throughout.”

At-the-Market Program Completion

On a positive note, Organigram did remind investors that earlier this month it completed its at-the-market equity program previously announced on April 22, 2020, issuing an aggregate of 21,080,229 common shares for gross proceeds of approximately CAD$49 million.

Debra BorchardtApril 14, 2020


Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) reported that its second-quarter 2020 net revenues were $23.2 million a drop from the $26.9 million delivered in 2019 for the same time period. The company attributed the decline to lower recreational flower and oil sales volumes compared to the second quarter in 2019 when there were large pipeline fill orders to Alberta and Ontario. That occurred when there were supply shortages following the legalization of adult-use recreational cannabis sales.

The stock was falling over 11% on news of the decline in revenue and the detail that it was not in compliance with its debt covenants. It was selling at $1.60 in early trading, down from $1.81.

Other reasons for the revenue decline were lower average net selling prices from the increased competition and “evolving consumer preferences, for which a provision for returns and price adjustments was recorded in Q2 2020, mostly related to cannabis oil.” Organigram did note that the decreases were partially offset by the launch of Rec 2.0 products (vape products and cannabis-infused chocolates), and higher medical revenues as well as wholesale and international revenues, which had not occurred in the prior comparative quarter.

The net losses didn’t rise too much. The company said that the quarter had a net loss of $6.8 million, or $(0.041) per share on a diluted basis versus last year’s net loss of $6.4 million, or $(0.049) per share. This was largely due to higher SG&A expenses. The company spent $14 million versus last year’s $5.7 million to market and promote its product portfolio while also scaling its operations for the launch of its Rec 2.0 line of products.

“Our second-quarter results reflect continued execution despite ongoing industry challenges,” said Greg Engel, CEO. “We introduced new products such as our Edison Bytes chocolates, Edison Limelight dried flower and Trailblazer vape pens and continue to elevate the Canadian consumer’s cannabis experience. These products have been well received with strong customer demand to date and we look forward to further roll-outs in the space.”

Covenant Issues

Organigram reported that it had $41.2 million in cash and cash equivalents at the end of the quarter. The working capital was $96.8 million compared to $152.4 million on August 31, 2019 and was largely due to an IFRS requirement to classify the long-term portion of the BMO term loan ($76.4 million) to current liabilities as the company was in non-compliance with one of its financial covenants.

The company said it received a covenant waiver from its lenders that waives compliance with the financial covenant in question until May 30, 2020 and is currently negotiating an amendment to its credit facility agreement in an effort to address this matter. “While the Company believes it will be successful in negotiating the amendment, there can be no guarantee that an amendment will be secured on terms favorable to the Company or at all.” Organigram did say that $30 million remains undrawn on the term loan in its credit facility.

Production Costs Controlled

The company noted that its second-quarter cash and “all-in” costs of cultivation of $0.53 and $0.75 per gram of dried flower harvested, respectively, decreased from $0.61 and $0.87 per gram in Q1 2020, respectively, as more economies of scale were realized with expanded cultivation capacity and as the yield per plant increased from 150 grams in Q1 2020 to 155 grams in Q2 2020.

The quarter’s cost of sales remained flat at $15.8 million from the first quarter due to higher post-harvest costs due to: a lower percentage of less costly wholesale product sold (as wholesale is packaged in bulk without any specific labeling and excise stamps); and the launch of Rec 2.0 products in the second quarter, as the company scales and optimizes production and packaging.

Looking Ahead

Like everyone, the COVID-19 virus has affected Organigram. The had to temporarily lay-off of employees and so it expects reductions to cultivation, harvest, production and packaging capacity but plans to supplement with inventories on hand to meet anticipated demand. Specifically, Organigram said it will be focused on leveraging the automated and the most efficient lines of production and will deprioritize products with lower margins and/or that require higher manual labor.

The company said it believes it has sufficient inventory levels to supplement reduced harvest plans and enough contingency staff to keep packaging capacity intact in order to meet anticipated demand in the short-term. The company said it also remains comfortable with its current inventory levels from external suppliers (e.g. vape product hardware, packaging materials) and has not experienced any significant disruptions to date.

Debra BorchardtMarch 23, 2020


Canadian-based Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) gave good news and bad news on Monday morning. The company stated that it had received approval from Health Canada for its expansion, but then also said its workforce would be reduced due to Covid-19. The stock was moving higher by 5% in early trading to lately sell at $1.65.

Job Cuts

Organigram said it had been carefully monitoring and actively planning for the evolving situation related to COVID-19 and the potential impacts on business. The company noted that not all of the jobs at its Moncton facility can be done remotely and that in order to protect employees it was expecting temporary layoffs. “The Company currently expects that its workforce will be materially reduced as a result of voluntary and company-imposed temporary lay-offs to facilitate adequate social distancing while the COVID-19 situation lasts. This will result in corresponding production and packaging reductions.”  Organigram said it hoped to “reallocate its remaining workforce as needed, utilize inventory already on hand and focus on leveraging its most efficient and automated lines of production.”

“We continue to monitor this rapidly changing situation and will make the decisions necessary to ensure the safest environment for our employees and their families as well as protecting the best interests of our business and our stakeholders,” said Greg Engel, Chief Executive Officer.


In the good news, Organigram received Health Canada’s approval for the licensing of the remainder of its Phase 5 expansion together with the renewal of its licenses for standard cultivation, standard processing and sale for medical purposes under the Cannabis Regulations. The renewed and expanded licenses are effective as of March 20, 2020.

The company outlined the terms as follows:

  • The terms of the licenses include approval of a two-floor production facility designed to support all processing activity as well as dedicated spaces for packaging of flower, pre-rolls, vape pens, and powdered beverages.
  • The Phase 5 expansion also includes a new extraction facility with increased capacity for CO2 extraction, and winterization as well as new capabilities designed for future product development.
  • The amendments also allow for new purpose-built harvest and drying rooms and support areas for quality assurance, maintenance, and sanitation.
  • The licenses are valid for a three-year period until March 20, 2023, and are subject to customary terms and conditions.


Debra BorchardtJanuary 15, 2020


Canadian-based cannabis company Organigram Holdings Inc. (NASDAQ:OGI) reported that its first-quarter 2020 revenue rose by 102% over last year to $25.15 million, which beat analyst estimates by $10.24 million. Last year the company reported $12.4 million for the first quarter of 2019. The earnings per share reported by Organigram were flat, but that also beat the estimates by two cents.

Organigram delivered a net loss of $0.9 million compared to net income from continuing operations of $29.5 million last year for the same time period saying it was “largely due to non-cash fair value changes to biological assets and inventories in the prior-year quarter.”

“Despite ongoing industry challenges, we are pleased with solid Q1 2020 results and our return to positive adjusted EBITDA during the quarter,” said Greg Engel, CEO. “Our team was also successful in shipping the first of our Rec 2.0 products as planned and on schedule in December of 2019. We also look forward to the launch of the remainder of our vape pen portfolio followed soon after by our premium cannabis-infused chocolate products. In addition to an exciting line-up of 2.0 products, we are rolling out a couple of new core strains, such as our high THC Edison Limelight, across the country following their success as limited-time-offers in smaller markets.”

The company also noted that it had $1.1 million in a provision for product returns and price adjustments. This compared to the fourth quarter 2019’s  $3.7 million in a provision for product returns and pricing adjustments. “The majority of the Q1 2020 provision was related to THC oils which have seen less than anticipated demand in the adult-use recreational market. The majority of the Q4 2019 provision was related to two slower selling stock-keeping units sold to the Ontario Cannabis Store, comprised of a bespoke order of lower THC dried flower intended to fulfill a supply gap in the market earlier in calendar 2019 and THC oils.”

Putting On The Brakes

The company also stated that it had a total target production capacity of 89,000 kilos per year, it was going forward at a more slow pace. Engel said on the company’s conference call, “We believe consumer demand in Canada continues to be suppressed by the lack of retail stores, particularly in the most populous provinces of Ontario and Quebec. We can more effectively manage cash allocation and put some of the capital to better use elsewhere. And the decision to delay completion as originally designed allows us to preserve flexibility to use portions of the 4C space for other strategic purposes. We will continue to monitor market conditions and believe we can finish foreseeing a relative short time frame should consumer demand warrant.”

Canada 2.0 Rollout

Engel also said on the call that the company’s Rec 2.0 rollout plans include three SKUs of its Trailblazer vape cartridges, and they were pleased with the response to date. “We expect to make our first shipment of our three SKUs of our Feather Edison pens as early as next week. And our PAX Edison cartridge, we expect to have out in calendar Q2. Our chocolate Edison truffle bites are expected to be in market soon as well followed by Trailblazer bars and Edison bars. And rounding out our portfolio of 2.0 products is our dissolvable powder product. Our R&D team has developed a proprietary nano-emulsification technology that is anticipated to provide an initial absorption of cannabinoids within 10 to 15 minutes.”


The company said that it has $34 million in cash and short-term investments and still has $30 million in available capacity on a term loan, which remains undrawn. CFO Paolo De Luca said, “Given our cash and short-term investments of $34 million, our $30 million of untapped committed credit facility, up to $25 million available under the revolver and a potential uncommitted $35 million under the credit facility plus the $22 million raised under the ATM, we believe we have created the necessary capital and liquidity cushion to write out any volatility in the capital markets.”

Debra BorchardtNovember 25, 2019


Organigram Holdings Inc. (OGI) (OGI) reported that its gross revenue grew to $19.2 million for the fourth quarter ending August 31, 2019, versus $3.1 million for the fourth quarter in 2018. The net loss for the 2019 fourth quarter was $22 million versus last year’s net income of $18 million for the same time period. The larger loss was due to “non-cash fair value changes to biological assets and inventories.”

For the full year, Organigram delivered net revenue of $80.4 million, which grew 547% over 2018’s $12.4 million. The net loss for 2019 was $9.5 million versus 2018’s net income of $22.1 million.

“Our 2019 results reflected a successful year for Organigram. Not only did we report strong top-line growth and establish an enviable national market share position in Canada, we generated positive adjusted EBITDA – one of the key measures we use to evaluate our performance,” said Greg Engel, Chief Executive Officer. “In 2019, we increased staffing and capacity to meet forecasted demand and maintain inventory in the market. Industry structural issues have challenged supply and demand dynamics in the short-term but we believe the growth opportunity in the Canadian cannabis market remains intact.”

Lower Sales Sequentially

The company’s fourth-quarter net revenue dropped to $16.3 million versus the third-quarter net revenue of $24.8 million. Organigram had warned the market about a $3.7 million in a provision for product returns and pricing adjustments. “The majority of the provision was largely related to two slower selling stock-keeping units (SKUs) sold to the Ontario Cannabis Store (OCS), comprised of a bespoke order of lower THC dried flower intended to fulfill a supply gap in the market earlier this year and THC oils which have seen less than anticipated demand in the adult-use recreational market.”

The company also said that the “lack of a sufficient retail network and slower than expected store openings in Ontario continued to impact revenue growth in Q4 2019 and were further exacerbated by increased industry supply. Quarter to quarter revenue is expected to continue to be volatile due to the timing of large pipeline orders for Ontario, in particular, where there is a centralized distribution model and where store additions are difficult to forecast.”

Year to date, Organigram said it estimates it has approximately 10% national market share based on its analysis of available data including, but not limited to, market share data from select provinces and various public data.

Cultivation Costs Come Down

The fourth-quarter “all-in” costs of cultivation of $0.66 and $0.94 per gram of dried flower harvested, respectively, dropped from $0.95 and $1.29 per gram in Q3 2019 as yield per plant increased in line with historical levels following a temporary decrease in Q3 2019 (Q4 2019: 148 grams compared to 110 grams in Q3 2019). As a result, the Q4 2019 harvest increased to 7,434 kg from 6,052 kg in Q3 2019.

Looking Ahead

Organigram said it took delivery of its high speed, high capacity, fully automated chocolate production line in October 2019. The installation has been almost completed, and the company expects to commission and license products in time for initial sales in Q1 calendar 2020.  The company said it now expects to launch powdered beverage products in Q2 calendar 2020 based on expected licensing timing for the production area and equipment delivery and commissioning schedules.

The company also stated that Q1 2020 net revenue is expected to be higher than Q4 2019 on increased sales to provinces and higher wholesale revenue. It expects increased efficiencies and economies of scale from more capacity to decrease cultivation costs in Q1 2020 from Q4 2019. Labour costs are not expected to increase commensurate with production, processing and sales volume.

“As we were one of the first success stories to supply the market in the early days of legalization, we have had visibility for some time now on ultimate sell-through to consumers and have adapted our production mix and product strategy to align with our understanding of emerging consumer preferences. We have a great conviction in our strategy and ability to onboard the new retail store openings and to launch a portfolio of edible and derivative products appealing to adult consumers. ”

The stock was up over 3% and lately trading at $2.72.

Debra BorchardtNovember 12, 2019


Organigram Holdings Inc. (NYSE: OGI) saw its stock plunged by almost 20% after the company slashed its guidance for the fiscal fourth quarter that ended in August after the market close on Monday. The stock was lately trading $2.74. The company said it will report earnings before the market opens on November 25.

Organigram said it now expects fiscal fourth-quarter net revenue of C$16.3 million or $12.3 million, a huge drop from the third quarter revenue of C$24.8 million.  FactSet had analyst estimates at C$27.9 million for the fourth quarter.

Organigram said it shipped about $20 million worth of cannabis during the quarter and blamed a lack of retail stores and slower store openings for the decline. The company said it expects to have roughly $47.9 million in cash and equivalents by the end of the quarter.

“While Q4 2019 did not meet our overall expectations, we have not only emerged as one of the national leaders in the industry with significant growth expected in net revenue and strong market share, we expect to report positive adjusted EBITDA for the year,” said Greg Engel, CEO. “And we remain relentlessly focused on running a profitable business which earns attractive returns on investment for our shareholders over the near and long term. We are encouraged by Ontario’s recent announcement to expand the retail network and believe this should be an important catalyst to drive further growth for us and the industry as a whole.”

In a company statement, Organigram said, “The lack of a sufficient retail network and slower than expected store openings in Ontario continued to impact sales in Q4 2019 and were further exacerbated by increased industry supply. The majority of the product returns and price adjustments (of about $3.7 million) was largely due to returns and price adjustments for two slower selling SKUs sold to the Ontario Cannabis Store (OCS), comprised of a bespoke order of lower THC dried flower intended to fulfill a supply gap in the market earlier this year and THC oil which has seen less than anticipated demand in the adult-use recreational market.”

“Since we were one of the first success stories following legalization, we had early visibility of product sell-through. As such, we are already well underway in aligning our strategy and production mix to emerging consumer preferences,” said Mr. Engel. “We have also piloted ‘limited time’ offers of other strains. Two, in particular, have been met with exceptional customer feedback: Edison Limelight (sativa) and Edison El Dorado (hybrid) and as such, we are incorporating these new strains into our core offerings.”

Looking to 2020

Beyond fiscal Q1 2020, Organigram said it remains on track to launch vape pens in mid-December followed by cannabis-infused chocolate products in calendar Q1 2020 and now expects its shelf-stable, water-compatible, flavorless nano-emulsion powdered beverage product in calendar Q2 2020 based on expected licensing for the production area and equipment delivery and commissioning schedules. Organigram submitted new product notifications to Health Canada for a vape pen portfolio and cannabis-infused chocolates last month.

Organigram said it expects to report about $47.9 million in cash and short-term investments and about $49.6 million in current and long-term debt, which primarily represents the carrying value of its term loan. Subsequent to Q4 2019, an additional $15.0 million was drawn on its term loan leaving about $50.0 million in the available capacity of the total term loan of $115.0 million. The company also has a revolver of up to $25.0 million available to be drawn against specified receivables. On November 4, 2019, Organigram filed a preliminary base-shelf prospectus for an amount up to $175.0 million.

StaffAugust 20, 2019


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

On The Site


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 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 (, 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 BorchardtJuly 15, 2019


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 BorchardtMay 20, 2019


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.”

Don't Miss This Week's Groundbreaking News

Join the thousands of subscribers who stay informed with GMR's exclusive news briefs delivered directly to your inbox every Friday afternoon.

We respect your privacy. See our privacy policy.

About Us

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


Recent Tweets

@GreenMarketRpt – 4 days

One last before the holidays. Sending out and turning off the lights.

@GreenMarketRpt – 4 days

We know you love your family, but even the stress can sometimes be a little too much and can take off the…

Back to Top

Don't Miss This Week's Groundbreaking News

Join the thousands of subscribers who stay informed with GMR's exclusive news briefs delivered directly to your inbox every Monday morning.

We respect your privacy. See our privacy policy.