MONCTON, N.B. — Cannabis company Organigram Holdings Inc. says its net revenues more than doubled to $25.2 million in the first quarter.
The company based in Moncton, N.B., says revenues were up from $12.4 million a year earlier.
Revenues included $16.7 million of sales to the adult-use recreational market and about $9.5 million to medical markets, partly offset by a $1.1 million provision for product returns and price adjustments.
Organigram's loss from continuing operations was $863,000 or less than a cent per share, compared with a loss of $29.5 million or 19.5 cents per share in the prior year. That large loss was largely due to non-cash fair value changes to biological assets and inventories.
The cannabis producer was expected to lose $3.9 million or three cents per share on $19.6 million in revenues, according to financial markets data firm Refinitiv.
Organigram said last November that its net revenue in the quarter would be higher than the $16.3 million in the fourth quarter due to increased sales to provinces and higher wholesale revenue.
This report by The Canadian Press was first published Jan. 14, 2020.
Companies in this story: (TSX:OGI)
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