About three weeks ago, we cautioned you to not forget about OrganiGram Holdings Inc (OTCMKTS:OGRMF). The stock was hinting at some potentially sticky upward momentum. Since then, we’ve seen a burst higher, and shares are now battling for new all-time highs above the $4.50/share mark. Aiding in that battle, the company just announced that it has received an expanded cultivation license from Health Canada related to its previously announced Phase 3 expansion.
According to the release, “The scope of the amendment includes approval of the following: The entire perimeter of the expanded facility, approximately 40,000 sq ft; The first six of Organigram’s new 16 three-tier cultivation rooms in the Phase 3 expansion; and Refined functional design on an already improved Phase 2 design including slightly higher grow rooms and the location of HVAC units entirely on the outside of the rooms for enhanced ergonomics and improved airflow.”
OrganiGram Holdings Inc (OTCMKTS:OGRMF) trumpets itself as a company that produces and sells medical marijuana in Canada. The company was founded in 2013 and is based in Moncton, Canada.
According to company materials, OrganiGram Holdings Inc. 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.
According to company materials, “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.”
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We’ve witnessed 29% added to share values of the listing over the past month of action. In addition, the listing has registered increased average transaction volume recently, with the past month seeing 190% over what the stock has registered over the longer term.
“Based on our review of publicly available data we believe we will be one of the top 5 licensed producers in terms of current production capacity once the remaining rooms from Phase 3 are approved”, said Greg Engel, CEO. “Given our existing inventory, production volume and consistency and quality of supply, we believe we are well positioned to be a supplier of choice for many of the provincial cannabis boards and private retailers across Canada.”
Earning a current market cap value of $559.7M, OGRMF has a significant war chest ($53.7M) of cash on the books, which is balanced by about $398K in total current liabilities. OGRMF is pulling in trailing 12-month revenues of $10.4M. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 37.3%. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $OGRMF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $OGRMF, either long or short, and we have not been compensated for this article.