Cannabis company Organigram reports Q2 loss, more than doubles revenue

Cannabis company Organigram Holdings Inc. reported a loss in its latest quarter as its revenue more than doubled compared with a year ago. THE CANADIAN PRESS/Ron Ward, File

Cannabis company Organigram Holdings Inc. reported a loss in its latest quarter as its revenue more than doubled compared with a year ago.

The company says its net loss for the quarter ended Feb. 28 amounted to $4 million compared with a loss of $66.4 million in the same period a year earlier.

Gross revenue in what was Organigram’s second quarter totalled $43.9 million, up from $19.3 million a year earlier. Net revenue was $31.8 million, up from $14.6 million.

The company says the increase was primarily due to a rise in adult-use recreational sales and international revenue, partly offset by a lower average net selling price due to a change in product mix and a decrease in medical revenue.

In its outlook, Organigram expects its third-quarter revenue to be up from its second quarter due to ongoing sales momentum, stronger market growth and its expanded product line.

It also says it expects to benefit from greater capacity to meet demand at its Moncton campus, increased throughput at its Winnipeg facility and its acquisition of Quebec-based company Laurentian Organic Inc.

– The Canadian Press