Organigram reports CA$66.4 million loss on falling cannabis sales

MJ Biz Reports…

New Brunswick-based cannabis producer Organigram’s net revenue fell to a multiyear low of 14.6 million Canadian dollars ($11.6 million) in its December 2020-February 2021 quarter, the company announced early Tuesday.

Organigram’s revenue has trended lower since reaching an all-time high of CA$26.9 million in the quarter ended Feb. 28 2019 – the first full quarter of legalization.

The recent decline was partly due to “significantly lower” wholesale revenue and a lower average selling price, Organigram said in a press release announcing its second quarter results.

The company said it was forced to shut down its Moncton facility for “deep cleaning” after identifying positive COVID-19 cases, forcing a significant number of employees to isolate.

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