MONCTON, N.B. — Cannabis company Organigram Holdings Inc. says it expects net revenue in the first-quarter of its 2020 financial year to rise compared with the fourth quarter of its 2019 financial year due to increased sales to provinces and higher wholesale revenue.
The company had warned earlier this month that revenue in its fourth-quarter would be lower than the third quarter.
In reporting its full financial results, Organigram says its net loss from continuing operations totalled $22.5 million or 14 cents per diluted share for the quarter ended Aug. 31 compared with a profit of $18.2 million or 12 cents per share a year ago, due to non-cash fair value changes to biological assets and inventories.
Net revenue for its fourth quarter totalled $16.3 million, up from $3.2 million a year ago. However, the result was down from net revenue of $24.8 million in the third quarter.
The company says it submitted new product notifications to Health Canada for a portfolio of vape pens and cannabis infused chocolates in October.
Organigram says it is on track to launch some vape pens in December, while commissioning and licensing of its chocolate production line is expected to be ready for initial sales at the start of next year.
This report by The Canadian Press was first published Nov. 25, 2019.
Companies in this story: (TSX:OGI)
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