Geometry Dash APK Hill Climb Racing APK
15.6 F
New York
Friday, January 21, 2022

Organigram Holdings (NASDAQ:OGI) Announces Major Lay-Offs: Why Many Are Running.

Must read

Bombardier, Inc. (OTCMKTS:BDRBF) Continues to Gain Momentum and Strength

Many stocks have managed to record significant gains in recent months and one that often flies under the radar is Bombardier,...

Grayscale Bitcoin Trust (Btc) (GBTC) Makes Big Move As Bitcoin Goes Wild

Bitcoin, the world’s biggest cryptocurrency by market cap, has been in the middle of a remarkable rally for the past few months...

Voyager Digital Ltd (OTCMKTS:VYGVF) Hits All-Time High on Download News

The remarkable rally enjoyed by several crypto assets over the course of the past months has also resulted in an increased demand...

Solar Integrated Roofing Corp (OTCMKTS:SIRC) Surges Higher On Sector Strength

The Solar Integrated Roofing Corp (OTCMKTS:SIRC) stock has come into sharp focus among investors and on Wednesday, the stock made significant gains...

The coronavirus pandemic has hit many businesses in a particularly hard manner, and in this regard, the cannabis sector is no exception. In a new development, Organigram Holdings (TSX:OGI) (NASDAQ:OGI) announced that it is going to temporarily layoff 45% of its employees in light of the coronavirus pandemic.

Cost-Cutting Measure

In order to follow the social distancing norms, the company is laying off around 400 members of its staff. In addition to that, Organigram went on to announce that some of the employees who have been laid off have also been offered voluntary layoff packages. The majority of those who have been laid off took the option of that package.

The company also stated that it has enough inventories at this point to take care of the demand for its products. Employees who can continue to do their job from home have also been directed to do so. On the other hand, Organigram has also introduced extensive sanitary measures at the different facilities it owns.

Hand sanitizing stations have been installed, and the cleaning, as well as sanitizing activities at those facilities, has been increased. Organigram is one of the more promising companies in the cannabis space, and it remains to be seen whether these measures have an effect on the company’s stock or not.

In January this year, the company released its financial results for the first fiscal year of 2020, and the numbers proved to be impressive. Organigram generated net revenues of C$25.2 million, which represented a rise of as much as 54.4% from the previous quarter.

The markets were excited by that performance, and the stock had soared by as much as 30% following the announcement of the earnings. However, the Organigram stock has given up much of those gains now. Since the middle of January, the stock has declined by as much as 45%. The fiscal second-quarter financial results are expected to be released on April 14.

Latest article

iQSTEL Inc (OTCMKTS:IQST) Stock Makes a Big Move: Jumps 45% In a Week

In the past week, iQSTEL Inc (OTCMKTS: IQST) has emerged as a point of focus among a large number of investors and...

HUMBL Inc (OTCMKTS:HMBL) Stock Sees Big Bounce After Recent Slump

Since the beginning of 2021, HUMBL Inc (OTCMKTS:HMBL) had been one of the major movers from among penny stocks and had come into...

Dividend Stocks to Buy Now

A classic mistake that investors make when looking for dividend stocks is to just go for the biggest dividend yield. It makes...

88 Energy Ltd (OTCMKTS:EEENF) Stock Surges 40% But Can’t Hold Gains

The oil and gas company 88 Energy Ltd (OTCMKTS:EEENF) seems to have come back on to the radars of investors over the...

Net Savings Link Inc (OTCMKTS:NSAV) Stock is Getting Pummeled Again

Nowadays there are plenty of options for investors when it comes to making investments in the cryptocurrency and...
Şehirler arası nakliyat ve Şehirler arası taşımacılık konusunda en uygun fiyatlar ve en kaliteli hizmet.
ofis taşıma firmaları ve ofis taşıma konusunda en uygun fiyatlar ve en kaliteli hizmet. Affordable best sms verification service