The positive action continues for shares of OrganiGram Holdings Inc (OTCMKTS:OGRMF). The stock moved back above its 50-day simple moving average to close out last week, with volume in the tape showing some positive signs as well. In addition, the company just announced that it has received an expanded cultivation license from Health Canada in line with its previously announced Phase 4A and 4B expansion plans for its Moncton Campus.
According to the release, an additional 163,000 sq ft of allocated space for 63 cultivation rooms populating the company’s planned Phase 4A and 4B expansion has been authorized, including the initial 13 cultivation rooms now approved. In addition, as noted, the approval of the perimeter for Phase 4B was received ahead of schedule, in tandem with the approval for Phase 4A.
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 that it has received an expanded cultivation license from Health Canada in line with its previously announced Phase 4A and 4B expansion plans for its Moncton Campus.
We’ve witnessed 7% added to share values of the company over the past month of action. Moreover, the name has benefitted from a jump in recent trading volume to the tune of 10% above the average volume levels in play in this stock over the longer term.
“We are proud to continue our legacy of delivering on our commitments” says Greg Engel, CEO, Organigram. “The completion of this phase of our expansion reinforces our commitment to innovation, efficiency and best-in-class operations. Being on time, this expansion reinforces our commitment to shareholders and shows our abilities with industry-leading execution.”
Earning a current market cap value of $1.09B, OGRMF has a significant war chest ($63.4M) of cash on the books, which compares with about $66.4M in total current liabilities. One should also note that debt has been growing over recent quarters. OGRMF is pulling in trailing 12-month revenues of $46.3M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 630.2%. We will update the story again 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.