MONCTON, N.B. — Cannabis producer Organigram Holdings Inc. reported a loss of $6.4 million in its latest quarter as its revenue soared in its first full quarter of adult-use recreational sales.
Net revenue totalled $26.9 million, up from $3.4 million.
The company says its loss amounted to five cents per diluted share for the quarter ended Feb. 28 compared with a profit of $1.1 million or a penny per diluted share a year earlier.
The loss came as sales and administrative costs rose to $2.6 million compared with $1.7 million a year ago.
Sales and marketing costs rose to $3.1 million compared with $934,000 in the same quarter last year.
Organigram’s loss from continuing operations amounted to $6.4 million or five cents per diluted share compared with a profit of $1.2 million or a penny per diluted share a year earlier.
Companies in this story: (TSXV:OGI)
The Canadian Press