- Q1 2021 Canadian adult-use recreational gross and net
revenue grew 42% and 30%, respectively, to $22.5 million and $16.8
million, respectively, from Q1 2020
- Q1 2021 Canadian adult-use recreational gross and net
revenue grew sequentially 14% and 11%, respectively, from Q4
2020
- Generated positive cash flow from operations of $0.3 million
in Q1 2021, representing the second quarter of the last three
quarters with positive cash flow from operations
- Ended the quarter with $134 million1 in cash and short-term
investments; on December 1, 2020, made a $55 million repayment on
term loan, resulting in pro-forma cash and short-term investments
of $79 million1 with $60 million owing on its term loan
- Subsequent to quarter-end, began increasing production and
using additional existing capacity to meet increased consumer
demand and capture more sales opportunities and economies of scale
in the future
- Launched 53 new stock-keeping units (SKUs) since July 2020
as part of the Company’s product portfolio revitalization,
including three new higher margin Edison dried flower strains; up
to 14 more SKUs still expected to launch by the end of Q2 Fiscal
2021
- SHRED was the #1 most-searched brand on the Ontario Cannabis
Store website for the months of November and December 2020 and
Edison was among the most-searched brands in November 2020
- On January 11, 2021, announced the appointment of Marni
Wieshofer, formerly the CFO and EVP, Corporate Development at Lions
Gate Entertainment Company, to the Company’s Board of Directors,
Organigram’s first U.S. domiciled Board member with deep experience
in U.S. and international M&A
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent
company of Organigram Inc. (together, the “Company” or
“Organigram”), a leading licensed producer of cannabis, announced
its results for the first quarter ended November 30, 2020 (“Q1
Fiscal 2021” or “Q1 2021”).
Select Key Financial Metrics (in $000s)
unless otherwise indicated
Q1 2021
Q1 2020
% Change
Gross revenue
25,280
28,448
-11%
Excise taxes
(5,949)
(3,295)
81%
Net revenue
19,331
25,153
-23%
Cost of sales
23,173
15,811
47%
Gross margin before fair value changes to
biological assets & inventories sold
(3,842)
9,342
-141%
Fair value changes to biological assets
& inventories sold
(12,832)
1,852
-793%
Gross margin
(16,674)
11,194
-249%
Adjusted gross margin1
1,948
10,187
-81%
Adjusted gross margin %1
10%
41%
-30%
SG&A2
11,120
9,418
18%
Adjusted EBITDA1
(6,387)
5,712
-212%
Net loss
(34,336)
(863)
nm*
Net cash provided by (used in) operating
activities
294
(26,868)
-101%
*not meaningful
1 Adjusted gross margin, adjusted gross
margin % and adjusted EBITDA are non-IFRS financial measures not
defined by and do not have any standardized meaning under IFRS;
please refer to the Company’s Q1 2021 MD&A for definitions and
a reconciliation to IFRS.
2 Sales and marketing and general and
administrative expenses (“SG&A”) excluding non-cash share-based
compensation.
Select Balance Sheet Metrics (in
$000s)
30-Nov-20
31-Aug-20
% Change
Cash & short-term investments
133,900
74,728
79%
Biological assets & inventories
53,921
71,759
-25%
Other current assets
20,556
23,717
-13%
Accounts payable & accrued
liabilities
17,110
17,486
-2%
Current portion of long-term debt
61,146
11,595
427%
Working capital
130,121
152,417
-15%
Property, plant & equipment
243,706
247,420
-2%
Long-term debt
54,173
103,671
-48%
Total assets
473,372
435,127
9%
Total liabilities
154,719
135,600
14%
Shareholders’ equity
318,653
299,527
6%
“We are pleased with our double-digit sales growth in the
Canadian adult-use recreational market this past quarter as it
reflects the success of many of our new product launches,
particularly in the dried flower value segment,” said Greg Engel,
CEO. “Now we look forward to our new higher margin Edison dried
flower offerings contributing substantially to overall revenue with
even more new products to come in the next few quarters. We believe
our product portfolio revitalization combined with additional
resources to ramp up production and achieve greater economies of
scale as well as our relentless focus on increased automation and
cost efficiency opportunities position us well to generate further
top-line growth and significantly improve gross margins.”
Key Financial Results for the First Quarter Fiscal
2021
- Net revenue:
- Q1 2021 net revenue of $19.3 million compared to $25.2 million
in Q1 2020 primarily due to significantly lower wholesale revenue
from licensed producers and a lower average selling price in Q1
2021. The higher wholesale revenues during Q1 Fiscal 2020 were
opportunistic in nature, primarily sales to a single licensed
producer; and not necessarily expected to recur each quarter at
those levels, or if at all. Q1 2021 net revenue from the Canadian
adult-use recreational market grew 30% to $16.8 million from $12.9
million in the prior year quarter largely because Rec 2.0 products
were not yet legalized.
- Gross revenue:
- Q1 2021 gross revenue of $25.3 million compared to $28.4
million in Q1 2020 largely due to similar factors impacting net
revenue described above and reflected the increase in excise taxes
as a percentage of gross revenue in Q1 2021.
- Cost of sales:
- Q1 2021 cost of sales of $23.2 million compared to Q1 2020 cost
of sales of $15.8 million.
- Higher cost of sales in Q1 2021 was primarily due to higher Q1
2021 inventory provisions, a higher cost of production, and a
charge related to unabsorbed fixed overhead as a result of lower
production volumes in Q1 2021.
- Gross margin before fair value changes to biological assets and
inventories sold:
- Q1 2021 negative gross margin before fair value changes to
biological assets and inventories sold of $3.8 million compared to
positive $9.3 million in Q1 2020.
- Negative and lower gross margin in Q1 2021 was largely due to a
lower average selling price and higher cost of sales as described
above.
- Gross margin:
- Q1 2021 negative gross margin of $16.7 million compared to Q1
2020 positive gross margin of $11.2 million, largely due to
negative Q1 2021 gross margin before fair value changes to
biological assets and inventories sold as described above as well
as net non-cash negative fair value changes to biological assets
and inventories sold in Q1 2021 versus positive changes in Q1
2020.
- Adjusted gross margin2:
- Q1 2021 adjusted gross margin decreased to $1.9 million from
$10.2 million in Q1 2020 primarily due to lower net revenue as
described above and excise sales taxes and value segment offerings
comprising a larger proportion of total revenue in Q1 2021.
- Selling, general & administrative (SG&A) expenses:
- Q1 2021 SG&A of $11.1 million increased 18% from Q1 2020’s
amount of $9.4 million largely due to higher insurance costs and
general wage increases.
- Adjusted EBITDA3:
- Q1 2021 negative adjusted EBITDA of $6.4 million declined from
Q1 2020 positive adjusted EBITDA of $5.7 million largely due to
lower adjusted gross margin in Q1 2021 as discussed above.
- Net loss:
- Q1 2021 net loss of $34.3 million, or ($0.17) per share on a
diluted basis, compared to Q1 2020 net loss of $0.9 million, or
($0.01) per share, largely due to greater negative gross margin in
Q1 2021 as described above.
- Net cash provided by operating activities:
- Q1 2021 net cash provided by operating activities of $0.3
million compared to $26.9 million used in operating activities in
Q1 2020. The improvement in net cash generated from operating
activities was largely due to the prior period’s increase in
working capital assets as the Company scaled operations ahead of
Rec 2.0 legalization.
Canadian Adult-Use Recreational Market
The Company has been revitalizing its product portfolio with the
launch of 53 new SKUs since July 2020, including value segment
offerings as well as recently launched higher margin, Edison
Cannabis Company (“Edison”) dried flower strains. Further, the
Company expects to launch up to 14 more new SKUs before the end of
Q2 Fiscal 2021.
Rec 1.0
Higher Margin Edison Dried Flower Strains
- Subsequent to quarter-end in late December 2020, the Company
launched three new Edison Indica strains namely Black Cherry Punch
and Ice Cream Cake (I.C.C.) and Slurricane.
- Black Cherry Punch and Ice Cream Cake (I.C.C.) strains contain
THC ranges of 20%-26% and Slurricane has 17%+ THC. The strains are
available in 3.5g formats in certain provincial retail stores. The
Company expects to launch at least three more high THC strains
under the Edison brand in the next few quarters.
- Every Edison strain benefits from being grown in one of over
100 data-backed, strain-specific grow rooms with micro-climates
designed to offer a distinct flavour and aroma profile and to
ensure consistent quality. Variables including humidity,
temperature, light and plant density can be customized to optimize
the growth and output of each plant.
- The newest Edison strains are also a product of the Company’s
ongoing investment in its genetics program. Black Cherry Punch, Ice
Cream Cake (I.C.C.) and Slurricane are among the strains developed
from genetics that Organigram originally sourced from a premium
cannabis nursery. The nursery's processes and technology help
ensure the most robust, healthy, high-quality genetic product.
- The focus on both genetics and the environment in which they
are grown results in a unique phenotype expression. This means even
plants grown from the same genetics can be markedly different in
terms of physical properties, potency, terpenes and aromas based on
their growing conditions. The Company believes this kind of
strategic and creative product development process is a key
differentiator for both the Edison portfolio and the Company
overall and looks forward to introducing more new strains in the
next few quarters.
Value segment offerings
- The Company has noted the significant growth in the dried
flower value segment of the market over the last year with
intensifying competition including recent entries of lower priced
offerings which have caused significant market share shifts within
the value segment.
- At the beginning of the quarter, Organigram expanded its strong
value portfolio with the launch of SHRED, a high quality, high
potency and affordable dried flower that is pre-shredded for
consumer convenience. SHRED offers three pre-milled varieties, all
with THC of 18% or more. It is made from whole flower, does not
contain any shake or trim and is milled to the same specifications
as the Company’s existing pre-roll products. SHRED is currently
Organigram’s most affordable option (on a per gram basis).
Rec 2.0
Cannabis-Infused Chocolates
- The Company’s chocolate portfolio consists of Trailblazer Snax,
a value-priced, cannabis-infused chocolate bar and Edison Bytes
truffles. Organigram’s investment in state-of-the art chocolate
equipment and manufacturing processes means that each of the five
sections of the Trailblazer Snax bar are filled separately,
allowing for higher accuracy of infusion.
- The Company expects to launch a new flavoured Trailblazer Snax
before the end of Q2 Fiscal 2021 with a plan to introduce further
Edison Bytes products in the following quarters.
Vapes
- Subsequent to quarter-end in December 2020, Organigram launched
Trailblazer Spark, Flicker and Glow 510-thread Torch vape
cartridges in a new 1g format which extended Organigram’s line up
to a suite of trial-size 0.5g and full-size 1g cartridges for the
510 vaporizer. Trailblazer Torch offers customers 510 cartridges,
high-quality CO2 extract and three unique terpene-infused
flavours.
- The Company is focused on increasing THC concentrations in many
of its vape products to meet the consumer demand for higher THC
vape products.
Dissolvable Powdered Beverage
- At the end of the quarter in November 2020, the Company
launched Edison RE:MIX dissolvable cannabis powder. The product’s
distribution has expanded to eight provinces and listings for the
remaining two provinces are expected in the near term.
- As previously announced, Organigram’s researchers developed a
proprietary nano-emulsification technology that generates
nano-droplets which are very small and uniform; this provides
improved absorption compared to traditional solid edibles and
beverages, potentially allowing for a more reliable and controlled
experience.
- The nanoemulsion technology is also anticipated to have
increased stability to temperature variations, mechanical
disturbance, salinity, pH, and sweeteners. The powdered formulation
holds the potential to offer consumers a measured dose of
cannabinoids which they can then add to liquid, such as a beverage
of their choice, while also offering the discretion, portability
and shelf life expectancy of a dried powder formulation.
Outlook
- The most recent data available from Statistics Canada shows
that total Canadian adult use market sales reached $270 million in
October 2020 as the pace of sequential monthly sales growth
accelerated to 5.1%4. This represents an annualized run rate of
approximately $3.2 billion, which is a record since adult
recreational use was legalized in October 2018. The Company
believes there are a few factors creating tailwinds to further
industry growth. First, the legalization in October 2019 of Rec 2.0
products has attracted consumers who were not interested in smoking
or vaping. Second, the number of brick and mortar retail stores has
increased significantly particularly in the back half of calendar
2020. After doubling the number of retail store authorizations in
September 2020 from 20 to 40 per month, the Ontario cannabis store
retail regulator announced in early December 2020 that it was
doubling the number again to 80 per month. Since July 2020, the
number of retail stores in Canada’s 10 provinces grew by
approximately 47% and more than tripled in Ontario alone. Third,
the industry as a whole has made a concerted effort to match or
beat illicit market pricing, particularly for dried flower, which
has helped accelerate the conversion of consumers from illicit to
legal consumption.
- In mid-calendar 2020, Organigram began a product portfolio
revitalization to address what it believes to be some of the
biggest consumer trends and preferences, including demand for value
in large format, higher THC potency in dried flower as well as new
genetic strains and novel products.
- Accelerated industry growth from the accelerated store build
out coupled with stronger than expected demand for many of the
Company’s new products, resulted in competing priorities for
Organigram’s existing staffing and production levels. This
contributed to delays in product launches and hindered consistent
order fulfillment, which resulted in some meaningful missed revenue
opportunities in Q1 Fiscal 2021 and is expected to continue to
impact Q2 Fiscal 2021. As such, management has decided to ramp up
staffing. By early Q3 Fiscal 2021, the Company plans to have hired
100 more positions, mostly in cultivation, and up to and additional
30 more positions in packaging. The benefit from the ramp-up in
staffing and increased cultivation production is not anticipated to
start having an impact until Q3 Fiscal 2021. Further, the Company
believes it will still take time for the new products to reach
their full potential and gain market share to drive meaningful
sales growth.
- The Company believes there is the potential for temporarily
suppressed industry demand to impact net revenues in Q2 Fiscal 2021
as cannabis stores in certain densely populated parts of Ontario
(Toronto and Peel) have been closed to physical retail traffic
since November 23, 2020 and the rest of the stores in Ontario have
been closed to physical traffic since December 26, 2020 due to the
COVID-19 lockdown. The stores are still able to offer click and
collect as well as delivery.
- As part of its product portfolio revitalization, the Company
has successfully launched a number of value segment products to
respond to increased demand in this area. The new products have
been well-received by the market, particularly SHRED (currently the
Company’s deepest value offering). SHRED sales drove the Company’s
revenue growth in Q1 Fiscal 2021 in the Canadian adult-use
recreational market over Q4 Fiscal 2020. The growth and significant
contribution of the dried flower value segment also contributed to
a decline in gross margins for Organigram and many of its peers. As
such, Organigram is focused on further revitalizing its Edison
mainstream brand, which attracts higher product gross margins, by
launching new dried flower offerings with unique strains and higher
potency THC.
- Opportunities to scale up new genetics require a patient and
deliberate process where cultivation protocols are trialed for each
cultivar and adjusted through multiple grows before full roll-out
to multiple rooms in the facility. The Company has successfully
launched new genetics over the past 18 months including high THC
Edison Limelight (Ultra Sour) which is now the Company’s
best-selling strain. Most recently, as discussed above, the Company
launched Edison Ice Cream Cake (I.C.C), Slurricane and Black Cherry
Punch. These genetics help provide deep bench strength to the
Edison portfolio. Organigram is committed to continue investing in
new genetics and expects at least three new high THC genetics to
come to market in the next few quarters.
- A negative non-cash adjustment to cost of sales for unabsorbed
fixed overhead costs in Q2 Fiscal 2021 is anticipated to persist as
a result of the Company’s plans to cultivate less than its
cultivation capacity. However, the magnitude of the charge is
expected to decline in Q2 Fiscal 2021 from Q1 Fiscal 2021 as the
Company begins to ramp up cultivation. As indicated in previous
quarters, some production inefficiencies are anticipated to persist
in the near to medium term and impact gross margins while
Organigram continues to launch new products and optimizes
production and staffing.
- There are a number of opportunities that the Company has
identified which it believes have the potential to improve adjusted
gross margins beyond Q2 Fiscal 2021:
- The Company expects to gain economies of scale and efficiencies
as it scales up cultivation and packaging.
- The recent launches of new higher margin dried flower strains
under the Edison brand, with more to come in Q3 and Q4 Fiscal 2021,
have the potential to positively impact gross margins over time as
these products gain traction in the market and comprise a greater
proportion of the Company’s overall revenue.
- A greater proportion of the Company’s portfolio is being
dedicated to higher volume SKUs, such as multi-pack pre-rolls and
1g vape cartridges, which attract higher margins.
- The Company continues to invest in automation to drive cost
efficiencies and reduce dependence on manual labour. For example, a
new pre-roll machine is expected to be fully commissioned and
operational by the end of Q2 Fiscal 2021.
- As a result of a packaging task torce project, a number of cost
reduction opportunities has been identified which have the
potential to benefit margins starting in Q4 Fiscal 2021.
International
- The Company continues to serve international markets (Israel
and Australia) from Canada via export permits and looks to augment
sales channels internationally over time. In early Q1 Fiscal 2021,
the Israeli Ministry of Health amended its quality standards for
imported medical cannabis. The Company is seeking Good Agricultural
Practice certification by the Control Union Medical Cannabis
Standard and is making good progress. Subject to successful
completion of a required inspection that is likely to be conducted
remotely, the Company currently expects to be certified as early as
Q3 Fiscal 2021 and to be authorized to resume shipments to Canndoc
Ltd. The timing to resume shipments will also be contingent on the
availability of the desired product mix.
Marni Wieshofer joins Organigram’s Board of Directors
- On January 11, 2021, the Company announced the appointment of
Marni Wiesfhofer to the Board effective January 12, 2021. Based in
California, Ms. Wieshofer represents the Board’s first U.S.
domiciled Board member.
- Ms. Wieshofer has more than thirty years of diverse experience,
including Board membership, at public and private companies,
particularly in U.S., international M&A and finance. Her
previous roles included Chief Financial Officer and Executive Vice
President of Corporate Development at Lions Gate Entertainment
Corporation where she oversaw mergers, acquisitions, and other
strategic financial initiatives.
Liquidity and Capital Resources
- The Company generated positive cash flow from operating
activities of $0.3 million and ended the quarter with $134 million
in cash and short-term investments up from $75 million in Q4 Fiscal
2020. On December 1, 2020, the Company used $55 million of the net
proceeds of the public offering, described above, to pay down its
term loan, resulting in pro-forma cash and short-term investments
of $79 million with $60 million owing on its term.
- As previously disclosed, on November 12, 2020, the Company
closed an underwritten public offering for gross proceeds of
approximately $69 million. Following completion of this offering,
the Company exhausted its current shelf prospectus.
- Also, as previously disclosed, on November 27, 2020, the
Company amended its facilities pursuant to an amended and restated
credit agreement with BMO and the syndicate of lenders. See detail
in the Company’s Q1 2020 MD&A.
Capital Structure
in $000s
30-Nov-20
31-Aug-20
Current and long-term debt
115,319
115,266
Derivative warrant liabilities
17,566
-
Shareholders’ equity
318,653
299,527
Total debt and shareholders’ equity
433,972
414,793
in 000s
Outstanding common shares
232,088
194,511
Options
8,513
9,264
Warrants
18,688
-
Restricted share units
875
911
Performance share units
57
-
Total fully-diluted shares
260,220
204,686
Outstanding basic and fully diluted share count as at January
10, 2021 is as follows:
in 000s
10-Jan-21
Outstanding common shares
232,109
Options
8,476
Warrants
18,687
Restricted share units
1,106
Performance share units
57
Total fully-diluted shares
260,435
First Quarter Fiscal 2021 Conference Call
The Company will host a conference call to discuss its results
with details as follows:
Date: January 12, 2021
Time: 8:00am Eastern Time
To register for the conference call, please use this link:
http://www.directeventreg.com/registration/event/8296223
To ensure you are connected for the full call, we suggest
registering a day in advance or at minimum 10 minutes before the
start of the call. After registering, a confirmation will be sent
through email, including dial in details and unique conference call
codes for entry. Registration is open through the live call.
To access the webcast:
https://event.on24.com/wcc/r/2948477/717095EA7CC7536A80638510D69CD46A
A replay of the webcast will be available within 24 hours after
the conclusion of the call at https://www.organigram.ca/investors
and will be archived for a period of 90 days following the
call.
Non-IFRS Financial Measures
This news release refers to certain financial performance
measures (including adjusted gross margin and adjusted EBITDA) that
are not defined by and do not have a standardized meaning under
International Financial Reporting Standards (“IFRS”) as issued by
the International Accounting Standards Board. Non-IFRS financial
measures are used by management to assess the financial and
operational performance of the Company. The Company believes that
these non-IFRS financial measures, in addition to conventional
measures prepared in accordance with IFRS, enable investors to
evaluate the Company’s operating results, underlying performance
and prospects in a similar manner to the Company’s management. As
there are no standardized methods of calculating these non-IFRS
measures, the Company’s approaches may differ from those used by
others, and accordingly, the use of these measures may not be
directly comparable. Accordingly, these non-IFRS measures are
intended to provide additional information and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. Please refer to the
Company’s Q1 2021 MD&A for definitions and, in the case of
adjusted EBITDA, a reconciliation to IFRS amounts.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a NASDAQ Global Select Market and a
Toronto Stock Exchange listed company whose wholly owned
subsidiary, Organigram Inc., is a licensed producer of cannabis and
cannabis-derived products in Canada.
Organigram is focused on producing high-quality, indoor-grown
cannabis for patients and adult recreational consumers in Canada,
as well as developing international business partnerships to extend
the Company's global footprint. Organigram has also developed a
portfolio of adult use recreational cannabis brands including The
Edison Cannabis Company, SHRED and Trailblazer. Organigram's
primary facility is located in Moncton, New Brunswick and the
Company is regulated by Health Canada under the Cannabis Act
(Canada) and the Cannabis Regulations (Canada).
This news release contains forward-looking information.
Forward-looking information, in general, can be identified by the
use of forward-looking terminology such as “outlook”, “objective”,
“may”, “will”, “could”, “would”, “might”, “expect”, “intend”,
“estimate”, “anticipate”, “believe”, “plan”, “continue”, “budget”,
“schedule” or “forecast” or similar expressions suggesting future
outcomes or events. They include, but are not limited to,
statements with respect to expectations, projections or other
characterizations of future events or circumstances, and the
Company’s objectives, goals, strategies, beliefs, intentions,
plans, estimates, forecasts, projections and outlook, including
statements relating to the Company’s future performance, the
Company’s positioning to capture additional market share and sales,
expected improvement to gross margins before fair value changes to
biological assets and inventories, the Company’s plans and
objectives including around its credit facility, availability and
sources of any future financing; expectations regarding the impact
of COVID-19, expectations around market and consumer demand and
other patterns related to existing, new and planned product forms;
timing for launch of new product forms, ability of those new
product forms to capture sales and market share, estimates around
incremental sales and more generally estimates or predictions of
actions of customers, suppliers, partners, distributors,
competitors or regulatory authorities; management’s plans to
increase staffing by 100 more positions by early Q3 Fiscal 2021;
expectations regarding Good Agricultural Practice certification by
the Control Union Medical Cannabis Standard (“CUMCS”), and
resumption of shipments to Canndoc Ltd.; statements regarding the
future market of the Canadian cannabis market and, statements
regarding the Company’s future economic performance. These
statements are not historical facts but instead represent
management beliefs regarding future events, many of which, by their
nature are inherently uncertain and beyond management control.
Forward-looking information has been based on the Company’s current
expectations about future events.
Forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual events to
differ materially from current expectations. Important factors -
including the heightened uncertainty as a result of COVID-19
including any continued impact on production or operations, impact
on demand for products, effect on third party suppliers, service
providers or lenders; general economic factors; receipt of
regulatory approvals or consents and any conditions imposed upon
same and the timing thereof, ability to meet regulatory criteria
which may be subject to change, change in regulation including
restrictions on sale of new product forms, timing to receive any
required testing results and certifications, results of final
testing of new products, timing of new retail store openings being
inconsistent with preliminary expectations, changes in governmental
plans including related to methods of distribution and timing and
launch of retail stores, timing and nature of sales and product
returns, customer buying patterns and consumer preferences not
being as predicted given this is a new and emerging market,
material weaknesses identified in the Company’s internal controls
over financial reporting, the completion of regulatory processes
and registrations including for new products and forms, successful
completion of the inspection for the Good Agricultural and
Collecting Practices certification by CUMCS, market demand and
acceptance of new products and forms, unforeseen construction or
delivery delays including of equipment, increases to expected
costs, competitive and industry conditions, customer buying
patterns and crop yields - that could cause actual results to
differ materially from the Company's expectations are disclosed in
the Company's documents filed from time to time under the Company’s
issuer profile on the Canadian Securities Administrators’ System
for Electronic Document Analysis and Retrieval (“SEDAR”) at
www.sedar.com and reports and other information filed with or
furnished to the United States Securities and Exchange Commission
(“SEC”) and available on the SEC’s Electronic Document Gathering
and Retrieval System (“EDGAR”) at www.sec.gov including the
Company’s most recent MD&A and AIF available from time to time.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
news release. The Company disclaims any intention or obligation,
except to the extent required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
1 Excluding the $8.0 million of restricted
investment (GIC) in compliance with the Company's Credit
Facility.
2 Adjusted gross margin is a non-IFRS
financial measure not defined by and does not have any standardized
meaning under IFRS; please refer to the Company’s Q1 2021 MD&A
for definitions and a reconciliation to IFRS.
3 Adjusted EBITDA is a non-IFRS financial
measure not defined by and does not have any standardized meaning
under IFRS; please refer to the Company’s Q1 2021 MD&A for
definitions and a reconciliation to IFRS.
4 Statistics Canada. Table 20-10-0008-01
Retail trade sales by province and territory (x 1,000)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210112005361/en/
For Investor Relations enquiries: Amy Schwalm
Vice-President, Investor Relations amy.schwalm@organigram.ca
416-704-9057
For Media enquiries: Marlo Taylor Gage Communications
mtaylor@gagecommunications.ca
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