OrganiGram rises on upbeat 2023 revenue forecast

Organigram Global

12/01/2023 13:00

** U.S.-listed shares of Canadian cannabis co OrganiGram
Holdings Inc  OGI.O   OGI.TO  rise 10.8% premarket to $0.92 
    ** Co expects fiscal 2023 revenue to be higher than fiscal
2022, partly due to ongoing sales momentum, expanded product
line and stronger forecasted market growth
    ** Co says Q1 rev rose 43% to C$43.3 mln, analysts had
expected C$43.43 mln - Refinitiv IBES data
    ** Net income C$5.3 mln vs loss of C$1.3 mln a year ago
    ** Says net income primarily due to higher gross margin from
increased revenue and lower per-unit production cost 
    ** OGI anticipates continuation of shipments to Canndoc in
Israel and Cannatrek and Medcan in Australia is expected to
generate higher sequential revenue in fiscal 2023
   ** In last 12 months, co has lost ~50% of its value
 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com;))