TORONTO - Organigram Holdings Inc. (NASDAQ:OGI) (TSX:OGI), a prominent licensed cannabis producer, announced that its SHRED brand has reached a significant sales milestone, surpassing $200 million in yearly retail sales according to HiFyre data ending February 2024 for the previous 12 months.
SHRED, which was introduced to the market in September 2020, was the first cannabis brand to offer high-quality, milled flowers in three distinct flavor profiles. The brand quickly gained popularity among consumers looking for convenience, quality, and value. Since its inception, SHRED has expanded its product line to include pre-rolls, infused pre-rolls, gummies, and hash, including its patent-pending Rip-Strip hash.
Tim Emberg, Chief Commercial Officer of Organigram, attributed the brand's success to its unique positioning and continuous innovation. "Back in 2020, we recognized an untapped niche in the industry and seized the opportunity to build and deliver a bold new brand," said Emberg. He emphasized the company's dedication to innovation, which has led to the development of products like Heavies IPRs, Rip-Strip hash, and a THCV product lineup.
Organigram Holdings Inc., listed on both the NASDAQ Global Select Market and the TSX, is focused on producing high-quality cannabis for medical and adult recreational use and on developing international business partnerships. The company operates facilities in Moncton, New Brunswick (NYSE:BC), and Lac-Supérieur, Quebec, with a dedicated edible manufacturing facility in Winnipeg, Manitoba.
This announcement is based on a press release statement from Organigram Holdings Inc.
InvestingPro Insights
Organigram Holdings Inc. (NASDAQ:OGI) (TSX:OGI) has demonstrated a significant retail milestone with its SHRED brand, yet the company's financial health and stock performance present a mixed picture according to InvestingPro metrics. With a market capitalization of $211.07 million, the company shows a commitment to growth, although the negative P/E ratio of -1.00 and an adjusted P/E ratio for the last twelve months as of Q4 2023 at -4.25 suggest that profitability is a challenge. Despite this, Organigram has managed a gross profit of $25.82 million with a gross profit margin of 23.51% over the same period.
InvestingPro Tips reveal that analysts have concerns about the company's immediate financial future. Two analysts have revised their earnings estimates downwards for the upcoming period, and they do not anticipate Organigram to be profitable this year. This aligns with the company's recent performance where it has not been profitable over the last twelve months. However, it's worth noting that Organigram's liquid assets do exceed its short-term obligations, indicating some financial stability.
On the stock performance front, Organigram has experienced a significant price uptick over the last six months with a 64.52% return, and a strong return over the last three months at 54.55%. Yet, the stock has taken a hit over the last week with a -11.11% return. Investors should also note that Organigram does not pay a dividend, which might be a consideration for those seeking regular income from their investments.
For those interested in a deeper analysis, InvestingPro provides additional insights and metrics on Organigram Holdings Inc., which can be accessed at https://www.investing.com/pro/OGI. With these insights, investors can make more informed decisions, especially when utilizing the exclusive offer to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription with the coupon code PRONEWS24. There are 9 additional InvestingPro Tips available to help guide your investment strategy.
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