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Organigram Holdings Inc. (NASDAQ:OGI) (TSX:OGI) reported Tuesday that gross revenue decreased by 29% year-over-year to roughly CA$19.3 million ($15.4 million) in the second quarter of fiscal 2021. Net revenue also declined over the same period, from CA$23.2 million to CA$14.6 million, the Moncton, New Brunswick-based company said in a statement. The second-quarter results were challenged by industry dynamics, COVID-19 and staffing limitations at our facility, CEO Greg Engel said in a statement. Yet there are excellent prospects ahead for the industry, Organigram and our shareholders, he added. Organigram Financial Highlights The second-quarter gross margin came in negative, at CA$17.2 million, representing a year-over-year decrease of 252% from the positive CA$11.3 million reported in the same quarter last year. ....
Canopy Growth s $435M deal for Supreme Cannabis highlights consumer interest in premium segment As cannabis producers raced to the bottom to help move unsellable pot, the other end of the market remains in high demand.
Canopy Growth Corp. s acquisition of Supreme Cannabis Co. for $435 million on Thursday highlighted how valuable premium cannabis can still be in the Canadian recreational space. Sales in the segment are now booming following a rough-and-tumble period that saw more producers flock to the low-end of the market.
Most [consumer-packaged-goods] companies don t just rely on one brand, we wanted to make sure that we have appropriate scale in each in each price category, said Canopy s Chief Executive Officer David Klein in a phone interview. ....
Full Spectrum Cannabis Products Industry Expected To Remain Robust Through 2027 Financialnewsmedia.com News Commentary PALM BEACH, Fla., April 8, 2021 /PRNewswire/ Cannabis extracts have gained wide recognition in recent years and are expected to provide impetus to cannabis market growth. Based on product type, cannabis extracts are classified into oils and tinctures. Growing legalization of cannabis in various countries, preference for cannabis oil and tinctures, and adoption of medical marijuana for treating chronic diseases like arthritis, anxiety, and Alzheimer s are the major factors propelling the growth. According to a report from Grand View, the oils segment is expected to dominate the market and is anticipated to witness the fastest CAGR of 17.5%, through 2027. The report added that the global cannabis extract market size is expected to be valued at US $28.5 billion by 2027, and it is projected to expand at a CAGR of 16.6% through 2027 also. Other key findings ....
(Image: Evie Fjord on Unsplash) Moncton-based medical and recreational cannabis producer Organigram is looking to strengthen its position in the growing edibles market with its new acquisition. Organigram Holdings Inc., the parent company of Organigram Inc. has announced it has acquired all of the issued and outstanding shares of The Edibles & Infusions Corporation (EIC) for consideration of $22-million, plus up to an additional $13-million in shares payable upon the EIC business achieving certain earnout milestones. The EIC acquisition will broaden Organigram’s edible product offerings and provides an operational footprint in Western Canada. EIC was co-founded by AgraFlora Organics International Inc. and James Fletcher, who is the CEO of Cavalier Candies, one of Canada’s oldest confectionery companies. EIC constructed a purpose-built, highly-automated, 51,000-square-foot manufacturing facility located in Winnipeg, Manitoba. ....
Posted on 100 Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) has reported acquisition of all issued and outstanding shares of The Edibles & Infusions Corporation for a consideration of USD 22 Million and may increase by an additional USD 13 Million in shares payable upon the EIC business passing certain milestones. “Diversifying our manufacturing and R&D base gives us increased ability to fast-track our near-term commercial plans as well as expand our R&D efforts in addition to those already destined for the Centre of Excellence in connection with BAT.” “EIC is an important acquisition to ensure Organigram is consistently at the forefront of cannabis product development. The integration of EIC will continue to provide our consumers access to innovative cannabis products while leveraging Organigram’s national sales and distribution network,” said Greg Engel, Chief Executive Officer of Organigra ....