Pot firm OrganiGram rises after upbeat quarterly results

Organigram Global

13/08/2024 13:36

** U.S.-listed shares of cannabis firm OrganiGram Holdings
 OGI.N  rise ~10% to $1.58 premarket
    ** Co posts Q3 profit on higher cannabis sales, compared
with quarterly loss a year ago
    ** OGI reports Q3 adj. core profit of $3.5 mln vs loss of
$2.9 mln in Q3 2023
    ** Q3 gross revenue rises to $63.6 mln from $48.4 mln a year
earlier
    ** "OGI has one of the strongest balance sheets in the
industry, which we believe positions (OGI) well to navigate the
persistent headwinds in Canadian cannabis and take advantage of
international growth opportunities," ATB Capital Markets says
    ** As of previous close, stock has gained ~10% YTD

 (Reporting by Vallari Srivastava in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com;))