Despite the fact that cannabis stocks have made a bit of a comeback this year, the OrganiGram Holdings (NASDAQ: OGI) stock has performed poorly over the past month.
The stock has declined by as much as 33% in the past month and a lot of optimism has turned sour after OrganiGram released its latest earnings report. Although it is true that coronavirus-related lockdowns in Canada did affect many cannabis companies in the first quarter, it should be noted that OrganiGram’s problems run much deeper.
In the first quarter, the company’s revenues tanked by 37% year on year to hit C$14.64 and even the introduction of as many as 62 new products could not boost sales. On the other hand, OrganiGram suffered a loss of as much as C$17.95 million, which was a disappointing reversal from the gross profit of C$11.288 in the year-ago period. Considering the massive losses and no sign of any reversal in fortunes, it might be prudent for investors to avoid the stock at this point.
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Living in the era of dynamic tech change Alex decided to stay tuned in changes that make any person find comfort and adapt to new devices. Furthermore, gaming became his passion for spending leisure time with his close ones. Although, he has a degree in Business Administration (majoring in Finance) writing for technology and as well as finance has been one of the precious aspects of his life