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What to Do with the Pullback in OrganiGram Holdings Inc (OTCMKTS:OGRMF)?

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In larger timeframe uptrends, one significant area to look at for potential entry points is during pullbacks to test a rising a 200-day simple moving average, which is exactly what we see right now in OrganiGram Holdings Inc (OTCMKTS:OGRMF). But the technical picture here is colored by some interesting catalysts in play for the company right now as well.

As a case in point, the company just announced that it has entered into a letter of intent with Hiku Brands Company Ltd. (CSE: HIKU). According to the release, “As an approved supplier to Manitoba Liquor & Lotteries, Organigram will supply Hiku with up to 1,000 kg of premium cannabis products per year for the term of the three-year agreement. Products include both dried cannabis and cannabis oils, which will be sold through designated Tokyo Smoke retail locations in Manitoba.”

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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As noted above, the stock has been pulling back to key rising-MA support, which could mark a potentially interesting technical entry point for new money. Think of this piece as something of an alert, with some context.

“Organigram and Hiku share a deep commitment to exceptional quality and innovative products,” says Greg Engel, CEO, Organigram. “As we move towards a legal, adult recreational use cannabis market, we are proud to be affiliated with companies and brands with a clear and demonstrated focus on their customers and a first-class customer experience.”

As noted in the release, the relationship is based on several discussions between the groups on product portfolio, strategic direction, quality and branding. “A selection of brands, featuring Organigram’s 2017 Canadian Cannabis Award-winning sativa Wabanaki, will be chosen to play a role in Tokyo Smoke’s retail plans within the Manitoba market.“

“Hiku is excited to have the opportunity to carry Organigram’s products in Tokyo Smoke stores,” said Alan Gertner, CEO of Hiku Brands. “This agreement will help ensure additional quality indoor-grown cannabis is available to the adult-use consumer in the province of Manitoba, where Tokyo Smoke was awarded one of only four conditional master licenses for recreational storefronts allowing us to open multiple storefronts across the province”

Now commanding a market cap of $417.4M, OGRMF has a significant war chest ($53.7M) of cash on the books, which stands against 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%. This may be a very interesting story and we will look forward to updating it again soon. 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.

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