Organigram's stock rises as Canadian pot company's revenue top analyst estimate

Dow Jones08-13

MW Organigram's stock rises as Canadian pot company's revenue top analyst estimate

OrganiGram Holdings Inc.'s stock $(OGI)$ was up 4% in premarket trading Wednesday after the Canadian cannabis producer reported beter-than-expected revenue. OrganiGram swung to third-quarter net income of C$2.82 million ($2.05 million), from a loss of C$213.45 million in the year-ago quarter. Net revenue increased by 25% to C$41.06 million, well ahead of the FactSet consensus estimate of $39.4 million. The company said its results were strong and that it's made inroads in the European market with a minority stake in Germany's Sanity Group GmbH. Organigram and British American Tobacco (UK:BATS) continue to work together through their product development agreement on the edible, vape and beverage businesses, as well as "new disruptive inhalation formats." Prior to Tuesday's moves, OrganiGram's stock has risen 9.9% in 2024.

-Steve Gelsi

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August 13, 2024 07:00 ET (11:00 GMT)

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