On July 7, OrganiGram’s stock was at $2.55. However, today it is gaining momentum as stock jumps to $3, resulting in a 17.6% boost. The company today reported its results for Third Quarter Fiscal 2021 Results. Gross revenue grew 51% sequentially to $ 29.1 million in Q3 2021 compared to Q2 2021 and 31% YoY. Compared to the second quarter of 2021, net revenue grew 39% to $ 20.3 million in the third quarter of 2021 and 13% year-on-year.
Increased net revenue from adult recreational use 40% sequentially to $ 16.8 million in Q3 2021 compared to Q2 2021 and 10% YoY. Launched 84 new SKUs since July 2020 as part of the renewal of the Company’s product portfolio, including two new highly active Edison-branded strains with higher margins in the third quarter of 2021; up to 20 new SKUs are expected by the end of Q4 2021. SHRED remains the # 1 most searched brand on the Ontario Cannabis Store website for eight consecutive months.
Announced a Product Development Cooperation Agreement (PDC) with BAT and a strategic investment of $ 221 million from BAT to acquire a 19.9% stake in Organigram. Successfully launched a Center of Excellence (“CoE”) at the company’s licensed facility in Moncton to focus on developing the next generation of cannabis derivatives under the PDC agreement. Acquisition of The Edibles and Infusions Corporation, a licensed manufacturer of soft, cannabis-infused gummies; The first soft chews are expected to be available in select retail stores in early August. Repaid all balances under the loan agreement for an annual interest savings of $ 2.7 million2.
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