As we continue to work through the cannabis stock correction, we continue to make our list of stocks that could work on the next leg, and OrganiGram Holdings Inc (OTCMKTS:OGRMF) continues to make a strong argument that it belongs on that list. Shares have been holding key 200-day MA support and the company continues to announce further expansion for its distribution footprint. As a case in point, the company just announced it has completed the registration process with Saskatchewan Liquor and Gaming Authority (SLGA), making it an official supplier of cannabis for the province.
“We are pleased to have been selected as an official supplier of cannabis in Saskatchewan,” says Tim Emberg, Senior Vice President of Sales and Commercial Operations, Organigram. “We look forward to working with retailers and key distributors to help ensure the success of the adult recreational market in the province.”
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 it has completed the registration process with Saskatchewan Liquor and Gaming Authority (SLGA), making it an official supplier of cannabis for the province.
The listing has benefitted from a jump in recent trading volume to the tune of 21% above the average volume levels in play in this stock over the longer term as traders continue to focus on the stock.
“We are proud to offer Canadians access to our growing portfolio of safe, high-quality recreational products,” says Greg Engel, Organigram’s Chief Executive Officer. “At Organigram, we are committed to positive and productive relationships with our partners across the country, and to the development of innovative products that meet the needs of our customers from coast to coast.”
Currently trading at a market capitalization of $528.52M, OGRMF has a significant war chest ($155.8M) of cash on the books, which is balanced by 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 as soon as developments transpire. 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.