OrganiGram Holdings Inc (OTCMKTS:OGRMF) recently announced that the company has signed a supply agreement with the Province of British Columbia. While the broader space has corrected of late, we see this agreement as a force that solidifies the name in the upper echelon of cannabis stocks right now. And a corrective process is the best time and place to identify such candidates.
According to the release, in British Columbia (BC), Organigram has signed an agreement with the BC Liquor Distribution Branch (BCLDB), the sole, wholesale distributor of non-medical cannabis for the province that will operate standalone, public retail stores and provide online sales.
OrganiGram Holdings Inc (OTCMKTS:OGRMF) is a TSX Venture Exchange listed company whose wholly owned subsidiary, OrganiGram Inc., is a licensed producer of medical marijuana in Canada.
OrganiGram is focused on producing the highest quality, condition-specific medical marijuana for patients in Canada. OGRMF’s facility is located in Moncton, New Brunswick and the Company is regulated by the Access to Cannabis for Medical Purposes Regulations.
The company’s own portrayal of its market positioning runs as follows: “From the day we started back in 2013, it’s been about making lives better – for our clients, our people, and our community. We’re based in Moncton, New Brunswick, the heart of the Maritimes, but at OrganiGram Holdings we’re committed to improving the quality of life for Canadians across the country. For us, this means working with health-care providers and industry organizations, supporting research and education, and providing a safe, effective product.”
“To be effective in that last goal, we made a decision to produce organic cannabis. Growing certified organic medical cannabis isn’t easy, in fact, most licensed producers won’t take this on. It means more care, more testing, more rules… but in the end, it means a product that we feel delivers on our goals in the best way. And improving the quality of life for Canadians is not just about getting safe, quality product to them effectively. It’s about creating jobs, being good neighbors and contributing to our community.”
OrganiGram Holdings Inc (OTCMKTS:OGRMF) managed to rope in revenues totaling $3.7M in overall sales during the company’s most recently reported quarterly financial data — a figure that represents a rate of top line growth of 94.3%, as compared to year-ago data in comparable terms.
As noted above, the company recently announced that the company has signed a supply agreement with the Province of British Columbia. According to the release, in British Columbia (BC), Organigram has signed an agreement with the BC Liquor Distribution Branch (BCLDB), the sole, wholesale distributor of non-medical cannabis for the province that will operate standalone, public retail stores and provide online sales.
OGRMF has had a rough past week of trading action, with shares sinking something like -14% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -34%.
“Organigram’s strategic vision has always been to establish a definitive national footprint,” says Greg Engel, Organigram’s Chief Executive Officer. “We are proud to realize that vision and offer Canadians from coast to coast access to our growing recreational product portfolio.”
“We are excited to work with partners across the country, now including the Province of British Columbia to help ensure the success of new adult-use recreational cannabis markets in each of these regions,” says Tim Emberg, Vice President of Sales and Commercial Operations, Organigram.
In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($155.8M against $9.1M).
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