As we have stated, OrganiGram Holdings Inc (OTCMKTS:OGRMF) is one of the most interesting market share growth names in the cannabis patch right now, breaking out and holding its gains with clear relative strength over recent months when compared to the MJ index and most leading names. To further flesh out the narrative, the company just announced the completed sale of Trauma Healing Centers (THC) to Harvest Medicine Inc., a medical cannabis clinic group located in Edmonton and Calgary, Alberta. Harvest Medicine is a wholly-owned subsidiary of VIVO Cannabis Inc. In other words, this is a strategic exit and likely an augmentation of the overall structure of the company’s core value proposition for shareholders.
“Our top priority as a company is, and will continue to be, our commitment to our patient community. As our industry evolves, we have become increasingly confident in our strategy to focus on producing the highest quality cannabis at Organigram which has us reassessing our investments in clinic operations” stated Greg Engel, CEO at Organigram. “As a function of this focus, we believe the patients and clients of Trauma Healing Centers will benefit from the experience and expertise of our partners at Harvest Medicine”.
OrganiGram Holdings Inc (OTCMKTS:OGRMF) casts itself as a company that produces and sells medical marijuana to individuals and physicians in Canada. It offers marijuana plants, seeds, and cuttings; cannabis oil; and dried flower and cannabis.
The company sells its products through phone and online store. It also operates healing centers that offer treatments for post-traumatic stress disorders, chronic pain, and trauma therapy. In addition, the company exports its products.
OrganiGram Holdings Inc. was founded in 2013 and is based in Moncton, Canada.
Moreover, 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.
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As noted above, OGRMF just announced the completed sale of Trauma Healing Centers (THC) to Harvest Medicine Inc., a medical cannabis clinic group located in Edmonton and Calgary, Alberta. Harvest Medicine is a wholly-owned subsidiary of VIVO Cannabis Inc.
“We are pleased to see two excellent organizations join forces to offer Canadian medical cannabis patients access to outstanding care,” says Greg Engel, CEO, Organigram. “We are proud of our relationship with THC and look forward to seeing the outstanding team at Harvest take the delivery of care to the next level.”
We’ve witnessed flat action in share values of the listing over the past week of action. That said, the stock has been one of the brightest spots in the cannabis space, moving up the market share ladder in relatively quick succession. Moreover, the stock has seen interest climb, with an increase in recent trading volume of greater than 100% over the long run average.
That increased trading attention likely reflects the increasing status of the stock in what is clearly one of the most powerful growth themes in the market so far in 2018.
Earning a current market cap value of $702.97M, OGRMF has a significant war chest ($155.8M) of cash on the books, which must be weighed relative to about $9.1M in total current liabilities. OGRMF is pulling in trailing 12-month revenues of $12.2M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 94.3%. We will update the story again soon as further details emerge. 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.