Shares of OrganiGram Holdings Inc (OTCMKTS:OGRMF) continue to hold onto that precious 200-day simple moving average. Recent action has indicated the stock is in the ‘wheat’ class rather than the ‘chaff’ class. But the actual levels set to define the pattern through year-end are still up for grabs. To further flesh out the story, the company just announced its slate of director nominees for election at its next Annual and Special Meeting of shareholders to be held at the offices of McMillan LLP, Brookfield Place, Suite 4400, 181 Bay Street, Toronto, Ontario M5J 2T3, on Friday, December 7, 2018 at 10:00 a.m.
According to the release, the slate is comprised of two new director nominees and five current directors. Sherry Porter and Dexter John will stand for election at the Meeting as new Board of Director nominees and current directors, Peter Amirault, Michel Bourque, Derrick West, Dr. Kenneth Mitton and Gregory Engel will stand for re-election.
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.
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, OGRMF just announced its slate of director nominees for election at its next Annual and Special Meeting of shareholders. In all, the chart shows 7% added to share values of the company over the past month of action. Moreover, the listing has witnessed a pop in interest, as transaction volume levels have recently pushed 6% above its longer-run average levels.
“Organigram benefits every day from the strategic stewardship of our Board of Directors,” says Greg Engel, CEO, Organigram. “The tremendous experience and expertise of this team will help ensure the Company continues to thrive and that we continue to build our reputation as a national and global leader in cannabis production. We are very pleased to nominate both Sherry and Dexter to the Board with their combined considerable governance expertise. As we implement a number of strategic objectives over the coming months we will benefit from the increased capability of our Board.”
At this time, carrying a capital value in the market of $527.2M, OGRMF has a significant war chest ($155.8M) of cash on the books, which compares with 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%. As more color becomes clear on the name, we will review the situation and update our take. 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.