$30.4 million net revenue represents a record
for the Company as it solidifies #4 market share position
nationally among Canadian LPs
HIGHLIGHTS
- 23% growth in gross revenue to $44.3 million from Q4 Fiscal
2021 and 75% from the same prior-year period
- Achieved highest quarterly net revenue in the history of the
Company at 22% growth to $30.4 million, from $24.9 million in Q4
Fiscal 2021 and 57% growth from $19.3 million in Q1 2021
- Maintained market share position as #4 Canadian LP with 7.5%
market share, up from 4.4% share in Q1 Fiscal 20211
- SHRED popularity continues with Tropic Thunder and Funk Master
achieving #1 and #2 positions respectively in November as the
best-selling flower products in Canada1
- SHRED maintains most-searched brand status on OCS.ca (13 out of
last 14 months)
- Recently launched Edison JOLTS, an ingestible extract lozenge,
maintains its top selling position within its category1
- Launched 13 new stock-keeping units (SKUs) for a total of 49
SKUs available in the market, covering key categories
- Introduced Monjour, a new wellness brand offering high quality,
high potency, CBD-forward products. Monjour’s first offerings are
fruit-flavoured soft chews available in both vegan-friendly and
sugar-free formats
- Resumed shipping to Israel through Canndoc Ltd., shipping over
1,400 kilograms of dry flower in the quarter
- Subsequent to quarter-end, acquired Laurentian Organic Inc., a
private Quebec-based producer of hash and craft cannabis, an
immediately accretive transaction providing the Company with a
broadened, premium-focused product portfolio and footprint in the
important Quebec market
- Also subsequent to quarter-end, the Company increased its
investment in Hyasynth Biologicals Inc., a pioneer in cannabinoid
science, in which the Company has the option to purchase Hyasynth’s
proprietary biosynthesis-generated cannabinoids at a discount to
the wholesale market price for a period of ten years from the date
of Hyasynth’s commencement of commercial production
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, 2021 (“Q1
Fiscal 2022”).
“Our record-breaking results in the first quarter of Fiscal 2022
are a testament to our successful strategy to create innovative,
high-quality products that align with the evolving preferences of
the various segments of cannabis consumers,” said Beena Goldenberg.
“Our positive outlook for 2022 is further bolstered by the addition
of Laurentian’s premium products to our portfolio, with an
increased presence in Quebec and the resumption of international
sales, which will continue through the year.”
“We are also pleased with our continued progress at improving
economies of scale in our operations, thus reducing operating costs
and driving significant improvements in adjusted gross margin and
adjusted EBITDA,” added Goldenberg. “While we previously projected
to achieve positive adjusted EBITDA in Q4, with the purchase of
Laurentian that will be accelerated to Q3 Fiscal 2022."
Select Key Financial Metrics (in $000s
unless otherwise indicated)
Q1-2022
Q1-2021
% Change
Gross revenue
44,345
25,280
75
%
Excise taxes
(13,967
)
(5,949
)
135
%
Net revenue
30,378
19,331
57
%
Cost of sales
27,924
23,173
21
%
Gross margin before fair value changes to
biological assets & inventories sold
2,454
(3,842
)
nm
Realized fair value on inventories sold
and other inventory charges
(12,313
)
(12,718
)
nm
Unrealized gain (loss) on changes in fair
value of biological assets
10,469
(114
)
nm
Gross margin
610
(16,674
)
nm
Adjusted gross margin1
5,475
1,948
181
%
Adjusted gross margin %1
18
%
10
%
80
%
Selling (including marketing), general
& administrative expenses2
12,644
10,474
21
%
Adjusted EBITDA1
(1,887
)
(5,741
)
nm
Net loss
(1,305
)
(34,336
)
nm
Net cash (used in) provided by operating
activities
(9,341
)
294
nm
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 Fiscal 2022 MD&A for
definitions and a reconciliation to IFRS.
2 Excluding non-cash share-based
compensation.
nm - not meaningful
Select Balance Sheet Metrics (in
$000s)
NOVEMBER 30, 2021
AUGUST 31, 2021
% Change
Cash & short-term investments
168,035
183,555
(8
)%
Biological assets & inventories
46,420
48,818
(5
)%
Other current assets
32,800
28,242
16
%
Accounts payable & accrued
liabilities
27,003
23,436
15
%
Current portion of long-term debt
80
80
—
%
Working capital
217,834
234,349
(7
)%
Property, plant & equipment
239,537
235,939
2
%
Long-term debt
211
230
(8
)%
Total assets
545,365
554,017
(2
)%
Total liabilities
62,680
74,212
(16
)%
Shareholders’ equity
482,685
479,805
1
%
“Our strong balance sheet and cash position will ensure that we
are well-positioned to execute on our key growth initiatives for
fiscal 2022. These include the expansion of our growing facility in
Moncton to an annual capacity of 75,000 kilograms of flower from
its current capacity of 55,000 kilograms, and the build out of our
Centre of Excellence in collaboration with BAT,” stated Derrick
West, Chief Financial Officer. “These initiatives will further
enhance our ability to drive innovation and solidify our position
as a leading Canadian LP.”
Key Financial Results for the First Quarter Fiscal
2022
- Net revenue:
- Compared to the prior year, net revenue increased 57% to $30.4
million, from $19.3 million in Q1 Fiscal 2021. The increase was
primarily due to an increase in adult-use recreational revenue and
international revenue, partly offset by lower average selling price
(“ASP”) due to product mix and a decrease in medical revenue.
- Cost of sales:
- Q1 Fiscal 2022 cost of sales increased by 20% to $27.9 million,
from $23.2 million in Q1 Fiscal 2021, primarily as a result of the
increase in sales volume in the adult-use recreational market.
- Gross margin before fair value changes to biological assets,
inventories sold, and other charges:
- Q1 Fiscal 2022 margin improved to $2.5 million from negative
$3.8 million in Q1 Fiscal 2021 largely due to higher net revenue as
described above.
- Gross margin:
- Q1 Fiscal 2022 gross margin increased to a positive result from
negative Q1 Fiscal 2021 gross margin largely due to higher Q1
Fiscal 2022 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 Fiscal 2021.
- Adjusted gross margin2:
- Q1 Fiscal 2022 adjusted gross margin was $5.5 million, or 18%
of net revenue, compared to $1.9 million, or 10%, in Q1 Fiscal
2021. This was largely due to reduced cultivation costs partially
offset by a shift in the sales mix to value-priced products and
brands with a lower ASP.
- Selling, general & administrative (SG&A) expenses:
- Q1 Fiscal 2022 SG&A expenses increased by 21% to $12.6
million from $10.5 million in Q1 Fiscal 2021, primarily due to an
increase in general office expenses in connection the Company's
share of costs associated with the establishment of the Centre of
Excellence as well as increased advertising and promotion costs,
and marketing initiatives related to the launch of the Company's
gummy brands and increased focus on the Edison brand.
- Adjusted EBITDA3:
- Q1 Fiscal 2022 negative adjusted EBITDA improved to $1.9
million compared to $5.7 million in Q1 Fiscal 2021, primarily due
to the increase in adjusted gross margins, partially offset by the
increase in SG&A expenses.
- Net loss:
- Q1 Fiscal 2022 net loss was $1.3 million, compared to a net
loss of $34.3 million in Q1 Fiscal 2021, primarily due to the
higher gross margin in the current quarter along with fair value
adjustments on biological assets and inventories sold.
- Net cash (used in) provided by operating activities:
- Q1 Fiscal 2022 net cash used in operating activities was $9.3
million: this was primarily driven by the increase in accounts
receivable. In Q1 Fiscal 2021, cash provided by operating
activities was $0.3 million, which was primarily driven by the
realization of accounts receivable and inventories.
Canadian Recreational Market
Monjour CBD-forward wellness brand
- In November 2021, Monjour, a new CBD-forward wellness brand
dedicated to pursuing a better daily wellness regime, was launched.
Monjour's first offerings include both vegan-friendly as well as
sugar-free soft chews, both in assorted flavours.
Laurentian Organic Inc. ("Laurentian")
- In December, the Company acquired Laurentian, a Quebec-based
licensed producer specializing in high-quality, artisanal craft
cannabis and premium Afghan hash. The acquisition accelerates and
strengthens Organigram’s presence in the Quebec market and expands
the Company’s product portfolio. The Company will invest at least
$7 million in Laurentian to drive cultivation growth, expand
processing and storage space and invest in automation. Organigram
will use its direct sales team and national distribution to bring
Laurentian’s products to additional Canadian provinces.
Research and Product Development
Product Development Collaboration ("PDC") and Centre of
Excellence ("CoE")
- In early Q4 Fiscal 2021, the Company announced the successful
launch of the Product Development Collaboration, outlined in the
agreement with BAT, which was established to focus on research and
product development activities for the next generation of cannabis
products, as well as cannabinoid fundamental science, with an
initial focus on CBD. The CoE is located at the Moncton Campus,
which holds the Health Canada licenses required to conduct PDC
R&D activities with cannabis products.
- The CoE includes state of the art shared R&D, Good
Production Practices ("GPP") food preparation, sensory testing and
bio-lab research.
- In Q1 Fiscal 2022, the Company completed the expansion of its
Quality Assurance and Control Laboratory to meet the needs of the
CoE and started construction on BioLab as well as the GPP Food and
Edibles Facility. The first phase of recruitment has been
completed. The remaining core construction projects are anticipated
to be completed by Q2 Fiscal 2022.
Plant Science, Breeding and Genomics R&D in Moncton
- Organigram’s cultivation plans focus on cultivating a pipeline
of unique and sought-after genetics, maximizing flower quality in
terms of THC yield, terpene profiles and general plant health to
meet evolving consumer demand. The Company plans to aggressively
pursue expanding its in-house breeding program, dedicating
significant R&D space for breeding, phenotyping, screening, and
various plant science trials while ensuring no competing priorities
with commercial cultivation capacity.
- As part of its ongoing genetic exploration program, the Company
is benefiting from BAT’s tremendous depth of expertise in plant
science gained from PDC activities.
- Organigram believes its strategic and creative product
development process is a key differentiator for the Edison
portfolio and the Company overall and looks forward to introducing
more new genetics over the next few quarters.
Strategic Investment in Hyasynth Biologicals Inc.
("Hyasynth")
- Following the most recent investment of $2.5 million in
December 2021, Organigram has invested a total of $10 million in
Hyasynth through the participation in three tranches of convertible
debentures. The Company has appointed two nominees on Hyasynth’s
Board of Directors and has the option to purchase Hyasynth’s
cannabinoids, at a discount to the wholesale market price for a
period of ten years from the date of Hyasynth’s commencement of
commercial production.
- Hyasynth is a pioneer in the field of cannabinoid science and
biosynthesis, a process that results in products and final
ingredients that are pesticide-free and natural. Hyasynth’s
biosynthesis process uses patent-pending yeast strains and enzymes
to produce pure cannabinoids (not synthetic) without relying on
cannabis plants, making the cannabinoid input more cost effective
than when derived from cannabis plants.
- The Company expects that its relationship with Hyasynth will
position it in future to introduce further innovative products in
the medical, wellness and recreation sectors that contain major
cannabinoids such as THC or CBD, as well as rare cannabinoids which
are believed to the next frontier of cannabis research and product
development.
Outlook4
Net revenue
- Organigram currently expects a solid Q2 Fiscal 2022 revenue
which will be significantly higher than Q2 Fiscal 2021, largely due
to stronger forecasted market growth and the increasing number of
retail stores; the Company is better able to fulfill the demand for
its revitalized product portfolio with its increased production,
and revenue contributions from its newly acquired Laurentian
facility.
- Net revenue growth is expected from the Company’s products as
evidenced by Organigram’s growing national adult-use recreational
retail market share (“market share”) from 4.4% in Q1 of Fiscal 2021
to 7.5% in Q1 of Fiscal 2022.
- In addition, the resumption of shipments to Canndoc in Israel
is expected to generate higher sequential revenue in Fiscal 2022 as
compared to Fiscal 2021. The Company believes it is better equipped
to fulfill demand in Fiscal 2022 with larger harvests expected as
compared to Fiscal 2021. Revenues in Fiscal 2022 to date including
a shipment to Canndoc that was in excess of $3.0 million, and
purchase orders received from customers, support the Company’s
expectation of revenue growth from Fiscal 2021 to Fiscal 2022.
- Organigram also expects to be positioned to generate more
revenue growth from the production of soft chews and other edible
products with the specialized equipment in the Winnipeg Facility
under the direction of EIC leadership, who bring significant
expertise in confectionery manufacturing. In Fiscal 2022, line
extensions will be introduced to the Company's popular SHRED'EMS
gummy and Edison Jolt lozenge SKUs.
- The Company also expects to realize additional revenue through
the recent acquisition of Laurentian. Over the last two months of
calendar 2021, Laurentian has been averaging an annual net revenue
run rate of $17 million and an annual EBITDA run rate of $6
million. The Company will make growth capital expenditures at
Laurentian which have the potential to further increase EBITDA
generation. Laurentian's hash and artisanal craft cannabis products
complement the Company's product line and will benefit from the
Company's direct sales team and national distribution.
Adjusted gross margins
- The Company expects to see a sequential improvement in adjusted
gross margins in Q2 Fiscal 2022 and has put in place measures that
it expects will further improve margins over time.
- The overall level of Q2 Fiscal 2022 adjusted gross margins
versus Q1 Fiscal 2022 will also be dependent on other factors,
including, but not limited to, product category and brand sales
mix.
- Organigram has identified the following opportunities which it
believes have the potential to further improve adjusted gross
margins over time:
- Economies of scale and efficiencies gained as it continues to
scale up cultivation, including the grow rooms that will be
available after completing the construction of Phase 4C of the
Moncton Campus;
- Changes to its growing and harvesting methodologies and design
improvements and environmental enhancements should improve
operating conditions of the Moncton Campus, resulting in
higher-quality flower and improved yields;
- Continued investment in automation which will drive cost
efficiencies and reduce dependence on manual labor;
- International sales, which have historically attracted higher
margins and are expected to represent a greater proportion of the
Company's revenue following the resumption of shipments to Canndoc
Ltd.;
- Continued investment in the Edison brand, including new strains
and form factors such as pre-rolls and vape cartridges that
generally attract higher margins;
- Price increases to SHRED’s pre-milled flower SKUs;
- The recent launches of new products such as Edison Jolts
(ingestible extracts), SHRED'ems and most recently Monjour,
represent new potential avenues for growth with expected attractive
long-term margin profiles for the Company; and
- Margin contribution from the addition of the Laurentian
portfolio of products.
SG&A Expenses5
- Q2 Fiscal 2022 SG&A is expected to increase slightly from
Q1 Fiscal 2022, due to the addition of Laurentian. Beginning in Q1
Fiscal 2022, research and development activities have been shown
separately from SG&A expenses.
International
- Shipments to Canndoc Ltd., which resumed in Q1 Fiscal 2022, are
expected to continue during Fiscal 2022.
- Recent political changes and cannabis election ballot
initiatives for medical and recreational use in the United States
suggest that the potential movements to U.S. federal legalization
of cannabis (THC) have increased momentum, but the timing and
outcome remain difficult to predict. Organigram continues to
monitor and develop a potential U.S. THC strategy and evaluate CBD
entry opportunities in the United States.
Liquidity and Capital Resources
- On November 30, 2021, the Company had unrestricted cash and
short-term investments balance of $168 million compared to $184
million at August 31, 2021.
- Organigram believes its capital position is healthy and that
there is sufficient liquidity available for the near to medium
term.
Capital Structure
in $000s
NOVEMBER 30, 2021
AUGUST 31, 2021
Current and long-term debt
291
310
Shareholders’ equity
482,685
479,805
Total debt and shareholders’ equity
482,976
480,115
in 000s
Outstanding common shares
299,849
232,088
Options
8,106
7,797
Warrants
16,944
16,944
Top-up rights
6,695
2,508
Restricted share units
1,566
1,186
Performance share units
332
472
Total fully-diluted shares
333,492
260,995
Outstanding basic and fully diluted share count as at January
10, 2022 is as follows:
in 000s
JANUARY 10, 2022
Outstanding common shares
310,818
Options
8,058
Warrants
16,944
Top-up rights
6,670
Restricted share units
1,563
Performance share units
282
Total fully-diluted shares
344,335
First Quarter Fiscal 2022 Conference Call
The Company will host a conference call to discuss its results
with details as follows: Date: January 11, 2022 Time: 8:00am
Eastern Time To register for the conference call, please use this
link: http://www.directeventreg.com/registration/event/7385048
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/3574376/4E62A1D28ADF780D54B2E4FE4F5760FD
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 Fiscal 2022 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
TSX listed company whose wholly-owned subsidiaries include:
Organigram Inc. and Laurentian Organic Inc. licensed producers of
cannabis and cannabis-derived products in Canada, and The Edibles
and Infusions Corporation, a licensed manufacturer of
cannabis-infused soft chews and candy 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 legal adult-use recreational cannabis brands,
including The Edison Cannabis Company, Indi, Bag o’ Buds, SHRED and
Trailblazer. Organigram operates facilities in Moncton, New
Brunswick and Lac-Supérieur, Quebec, with a dedicated manufacturing
facility in Winnipeg, Manitoba. The Company is regulated by the
Cannabis Act 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,
expectations for consumer demand, expected increase in SKUs,
expected improvement to gross margins before fair value changes to
biological assets and inventories, expectations regarding gross
margins in Fiscal 2022, the Company’s plans and objectives
including around the CoE, availability and sources of any future
financing, expectations regarding the impact of COVID-19,
availability of cost efficiency opportunities, the increase in the
number of retail stores, the ability of the Company to fulfill
demand for its revitalized product portfolio with increased
staffing, expectations around lower product cultivation costs, the
ability to achieve economies of scale and ramp up cultivation,
expectations pertaining to the increase of automation and reduction
in reliance on manual labour, expectations around the launch of
higher margin dried flower strains, expectations around market and
consumer demand and other patterns related to existing, new and
planned product forms including by EIC and Laurentian; 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; continuation of shipments to Canndoc Ltd.;
statements regarding the future of the Canadian and international
cannabis markets 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, changing listing
practices, ability to manage costs, 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, market demand
and acceptance of new products and forms, unforeseen construction
or delivery delays including of equipment and commissioning,
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”) from time to time 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.
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. Forward looking information is subject
to risks and uncertainties that are addressed in the “Risk Factors”
section of the MD&A dated January 10, 2022 and there can be no
assurance whatsoever that these events will occur.
______________________________
1 HiFyre, January 3, 2022
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 2022 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 2022 MD&A for
definitions and a reconciliation to IFRS.
4 The disclosure in this section are
subject to the risk factors referenced in the “Risk Factors”
section of the Company’s Q1 Fiscal 2022 MD&A, which is
available in the Company's profile at www.sedar.com. Without
limiting the generality of the foregoing, the expectations
concerning revenue, adjusted gross margins and SG&A are based
on the following general assumptions: consistency of revenue
experience with indications of first quarter performance to date,
consistency of ordering and return patterns or other factors with
prior periods and no material change in legal regulation, market
factors or general economic conditions. The Company disclaims any
obligation to update any of the forward-looking information except
as required by applicable law. See cautionary statement in the
“Introduction” section at the beginning of the Company’s Q1 Fiscal
2022 MD&A.
5 The forward-looking estimate of costs is
based on a number of material factors and assumptions. Please see
the cautionary statement in this press release and in the Company’s
Q1 Fiscal 2022 MD&A.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220111005512/en/
For Investor Relations enquiries:
investors@organigram.ca
For Media enquiries: Megan McCrae Senior Vice President,
Marketing and Communications megan.mccrae@organigram.ca
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