Canadian cannabis company Organigram Holdings Inc.
posted a narrower loss for its fiscal third quarter than in the same period a year ago as revenue topped estimates. The company posted a loss of C$4 million ($3.20 million) for the quarter to May 31, after a loss of C$89.9 million in the same period a year ago. It did not offer any per-share numbers. Revenue net of excise taxes came to C$20.2 million, up from C$18.0 million a year ago. The FactSet consensus was for revenue of C$17.2 million. Chief Executive Paolo De Luca said the company was better staffed in the quarter to fulfill demand for its products, after shortages during the pandemic. Adult-use recreational cannabis revenue rose 40% from the prior quarter and was up 10% from a year ago. The company is now expecting sequentially higher revenue and improved adjusted gross margins in the fourth quarter, as COVID-19 restrictions lift and the number of retail stores grows. Shares were up 6% premarket, and have gained 99% in the year to date, while the Cannabis ETF
has gained 30% and the S&P 500
has gained 16.7%.