Growing cannabis plants intended for the medical marijuana market are shown at OrganiGram in Moncton, N.B., on April 14, 2016. THE CANADIAN PRESS/Ron Ward

Cannabis company Organigram reports Q4 loss, revenue up 22 per cent from year ago

MONCTON, N.B. – Cannabis company Organigram Holdings Inc. reported a smaller loss in its latest quarter compared with a year ago as its net revenue rose 22 per cent.

The company says it lost $26 million for the quarter ended Aug. 31 compared with a loss of $38.6 million in the same quarter last year.

The company says the smaller loss was due to higher gross margins, partially offset by impairment charges.

Net revenue for what was the company's fourth quarter totalled $24.9 million, up from $20.4 million a year ago.

Organigram says it grew its share of the recreational cannabis market to seven per cent compared with 5.4 per cent in its third quarter.

Shares in the company were up 16 cents or nearly seven per cent at $2.53 in trading on the Toronto Stock Exchange.

This report by The Canadian Press was first published Nov. 23, 2021.

Companies in this story: (TSX:OGI)

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Howard Alexander

Assistant Editor Howard Alexander comes to iNFOnews.ca from the broadcasting side of the media business.

Howard has been a reporter, news anchor, talk show host and news director, first in Saskatchewan and then the Okanagan.

He moved his family to Vernon in the 90s and is proud to call the Okanagan home.

If you have an event to share contact Howard at 250-309-5343or email halexander@infonews.ca.

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