Inside Organigram's Moncton facility. (Staff photo)
Moncton-based cannabis producer Organigram posted a post strong start to the 2022 fiscal year, setting a record for quarterly net revenue.
First-quarter fiscal results released on Tuesday morning indicate the $30.4 million in net revenue is a company best, up 57 per cent from the same period last year.
Highlights from the quarter ended Nov. 30, 2021, include continued popularity for top-selling flower products, the introduction of a new wellness brand offering CBD-forward products, and resumed shipping to Israel through Canndoc Ltd.
“Our record-breaking results in the first quarter of Fiscal 2022 are a testament to our successful strategy to create innovative, high-quality products that align with the evolving preferences of the various segments of cannabis consumers,” said Beena Goldenberg, the chief executive officer of Organigram.
Reported net revenue loss came in at just over $1.3 million, a sizeable decrease from the $34 million announced at the start of the 2021 fiscal year.
Organigram executives believe there’s reason to be optimistic for the remainder of the 2022 fiscal year.
“Our positive outlook for 2022 is further bolstered by the addition of Laurentian’s premium products to our portfolio, with an increased presence in Quebec and the resumption of international sales, which will continue through the year,” said Goldenberg.
The company announced the $36 million acquisition of Quebec-based hash producer Laurentian Organic Inc. in December, as a way to increase its portfolio of hash products.
Organigram also expects to benefit from the ongoing expansion of the Moncton growing facility, which will increase annual capacity to 75,000 kilograms of flower.
