OrganiGram Holdings Inc (OTCMKTS:OGRMF) is a smaller player in the Canadian cannabis patch but has been a strong stock in the group, recently testing new all-time highs as the sector runs into year-end. Volume has been very strong, and shares have repeatedly tested resistance in the $3-3.15/share are following a test and hold of support at the rising 50-day simple moving average late last month.
The company just put out a press communique noting that, at the fourth annual Canadian Cannabis Awards ceremony and gala, it was honored with one of the most coveted awards of the evening: Top Sativa Flower. This award was given for its popular premium flower, Wabanaki. “We’re thrilled to have been recognized for our product quality,” says Organigram CEO Greg Engel. “These awards are chosen by people who know Canadian cannabis and know it very, very well. To have been selected from a deep pool of competing products in the medical marketplace speaks to the hard work and dedication of our team, who don’t compromise in their efforts to produce exceptional products for our patients.”
OrganiGram Holdings Inc (OTCMKTS:OGRMF) trumpets itself as a company that produces and sells medical marijuana in Canada. The company was founded in 2013 and is based in Moncton, Canada.
According to company materials, 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, the company received important recognition at the latest Canadian Cannabis Awards, potentially putting a further spotlight on its high-quality product line.
According to the release, at the event, the company was also awarded the “Top Blended/Value Variety” distinction for its indica-dominant Blueberry Cheesecake Premium Blend, as well as the “Top Licensed Producer for Compassionate Pricing”.
Organigram was also nominated in the Top Licensed Producer Customer Service category.
“Our showing at this year’s Lift Canadian Cannabis Awards is only the beginning,” added Engel. “These awards are another validation that Organigram is well positioned with high-quality products for the anticipated premium adult-use recreational flower market. Management believes our focus on quality indoor-grown product will ultimately deliver long-term shareholder value.”
At this time, carrying a capital value in the market of $302.4M, OGRMF has a significant war chest ($2.7M) of cash on the books, which stands against about $371K 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 $5.4M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 6.1%. 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.