One stock that found a burst off its important support level in the cannabis patch to close out the action last week was OrganiGram Holdings Inc (OTCMKTS:OGRMF). This comes tight on the heels of the company’s recent announcement of results from its 2018 Annual and Special Meeting of Shareholders adjourned from Friday, December 7, 2018, and reconvened on Monday, December 17, 2018, in Toronto.
According to the release, “Shareholders voted to elect all seven of management’s nominees to the Board of Directors of the Company, being returning directors Peter Amirault, Derrick West, Michel Bourque, Dr. Kenneth Mitton and Greg Engel, as well as new management nominees Dexter John and Sherry Porter. All directors are “independent” as defined under securities laws, excepting Greg Engel who is also the Chief Executive Officer of the Company.”
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 the results of its 2018 Annual and Special Meeting of Shareholders adjourned from Friday December 7, 2018 and reconvened on Monday, December 17, 2018 in Toronto. In all, traders will note 7% during the past week in terms of shareholder gains in the name.
What’s more, the stock has seen interest climb, with an increase in recent trading volume of 15% beyond its prior sustained average level.
“We are delighted to welcome Sherry and Dexter to our team, each of whom has extensive corporate governance and board experience”, said Greg Engel, Organigram’s Chief Executive Officer. “The addition of these directors complements our Board’s skills and experiences, and we are confident they will provide valuable perspectives as we continue to grow in a dynamic industry.”
At this time, carrying a capital value in the market of $446.13M, OGRMF has a significant war chest ($130.1M) of cash on the books, which compares with about $11.3M in total current liabilities. OGRMF is pulling in trailing 12-month revenues of $13.3M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 49.7%. This is an exciting story, and we look forward to a follow-up chapter as events 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.