- Net revenue more than doubled to $25.2 million from $12.4
million in Q1 2019
- Gross margin before fair value changes to biological assets
and inventory of $9.3 million or 37% of net revenue compared to
$8.8 million or 71% of net revenue in Q1 2019
- Net loss of $0.9 million compared to net income from
continuing operations of $29.5 million in Q1 2019 largely due to
non-cash fair value changes to biological assets and inventories in
the prior year quarter
- Adjusted EBITDA1 of $4.9 million compared to $6.8 million in
Q1 2019
- As planned, the Company started shipping Trailblazer Torch
vape cartridges on December 17, 2019 and expects to start shipping
Edison + Feather ready-to-go distillate pens before the end of
January 2020 followed by Edison + PAX ERA distillate cartridges in
Q2 calendar 2020
- Received licensing for chocolate production and packaging
areas in December 2019 and remain on track for initial sales of
cannabis-infused chocolates in Q1 calendar 2020
- The Company believes it has enough capital to fund its
operations and capital expenditure plans. The Company had $34.1
million of cash and short-term investments at quarter-end.
Additionally, as of the date of this press release, Organigram has
$30.0 million in undrawn capacity on its term loan and $32.1
million available to raise under its total $55 million
at-the-market equity program (the “ATM Program”) after it raised
$22.9 million subsequent to quarter-end
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent
company of Organigram Inc. (the “Company” or “Organigram”), a
leading licensed producer of cannabis, is pleased to announce its
results for the first quarter ended November 30, 2019 (“Q1” or “Q1
2020”).
(in 000s)
Q1-2020
Q1-2019
% Change
Select Key Financial Metrics
Gross revenue
28,448
14,479
96%
Excise taxes
(3,295)
(2,040)
62%
Net revenue
25,153
12,439
102%
Cost of sales
15,811
3,618
337%
Gross Margin (GM) before fair value
changes to biological assets & inventories
9,342
8,821
6%
Fair value changes to biological assets
& inventories
1,852
42,925
(96%)
Gross margin
11,194
51,746
(78%)
Sales & marketing and general &
administrative (SG&A)
9,418
4,528
108%
Net income (loss) from continuing ops
(863)
29,517
(103%)
GM before fair value changes to biological
assets & inventories as % of net revenue
37%
71%
(34%)
SG&A as a % of net revenue
37%
36%
1%
Adjusted EBITDA2
4,867
6,839
(29%)
Adjusted EBITDA as a % of net revenue2
19%
55%
(36%)
Select Balance Sheet Metrics (in
000s)
November 30, 2019
August 31, 2019
% Change
Cash & Short-Term Investments
34,132
47,935
(29%)
Biological Assets & Inventories
125,206
113,796
10%
Other Current Assets
32,427
34,550
(6%)
A/P and Other Current Liabilities
48,972
43,864
12%
Working Capital
142,793
152,417
(6%)
Property, Plant & Equipment
261,083
218,470
20%
Long-Term Debt
78,418
46,067
70%
Total Assets
469,484
428,525
10%
Total Liabilities
140, 663
101,519
39%
Shareholders’ Equity
328,821
327,006
1%
“Despite ongoing industry challenges, we are pleased with solid
Q1 2020 results and our return to positive adjusted EBITDA during
the quarter, said Greg Engel, CEO. Our team was also successful in
shipping the first of our Rec 2.0 products as planned and on
schedule in December of 2019. We also look forward to the launch of
the remainder of our vape pen portfolio followed soon after by our
premium cannabis-infused chocolate products. In addition to an
exciting line-up of 2.0 products, we are rolling out a couple of
new core strains, such as our high THC Edison Limelight, across the
country following their success as limited-time-offers in smaller
markets.”
Key Financial Results for the First Quarter Fiscal
2020
- Net Revenue:
- Q1 2020 net revenue grew 102% to $25.2 million from $12.4
million in Q1 2019 wherein Q1 2019 adult-use recreational cannabis
was only legalized on October 17, 2018
- Gross Margin before fair value changes to biological assets and
inventories sold:
- Q1 2020 gross margin before fair value changes to biological
assets and inventories of $9.3 million or 37% of net revenue
compared to $8.8 million in Q1 2019 or 71% of net revenue
- Higher absolute gross margin in Q1 2020 was due to higher net
revenue. Lower Q1 2020 gross margin as a percentage of net revenue
was largely due to higher cost of sales from increased staffing for
more cultivation and post-harvest capacity without experiencing the
benefit of full economies of scale as the Company believes consumer
demand continues to be impacted by an inadequate retail store
network in Canada
- Gross Margin:
- Q1 2020 gross margin of $11.2 million compared to Q1 2019 gross
margin of $51.7 million, largely due to a net non-cash fair value
gain on biological assets and inventories sold of $1.9 million in
the current quarter versus $42.9 million in Q1 2019
- Adjusted EBITDA3:
- Q1 2020 adjusted EBITDA of $4.9 million compared to Q1 2019
adjusted EBITDA of $6.8 million
- Q1 2020 adjusted EBITDA was impacted by higher SG&A
compared to Q1 2019 as the Company increased staffing and sales and
marketing efforts in response to the first year of legalized
adult-use recreational cannabis including edibles and derivative
products
- Sales and Marketing and General and Administrative Expenses
(“SG&A”):
- Q1 2020 SG&A of $9.4 million compared to $4.5 million in Q1
2019 as the Company had scaled up staffing and marketing activities
for legalization of adult-use recreational cannabis sales
- Q1 2020 SG&A represented 37% of net revenue compared to 36%
in Q1 2019, which reflected higher net revenue in Q1 2020 and
management’s disciplined approach to spending despite being in a
high growth period
- Net Income (Loss) from Continuing Operations:
- Q1 2020 net loss of $0.9 million or $(0.006) per share on a
diluted basis compared to Q1 2019 net income of $29.5 million or
$0.195 per share largely due to non-cash fair value changes to
biological assets and inventories sold
Key Commentary on Q1 2020 Results vs Q4 2019
- Q1 2020 net revenue of $25.2 million was largely comprised of
about $16.7 million of sales to the adult-use recreational and
medical markets and about $9.5 million to the wholesale and
international markets with the negligible balance coming from other
sources, partly offset by about $1.1 million in a provision for
product returns and price adjustments. This compared to Q4 2019 net
revenue of $16.3 million comprised of about $20.0 million of sales
and about $3.7 million in a provision for product returns and
pricing adjustments. The majority of the Q1 2020 provision was
related to THC oils which have seen less than anticipated demand in
the adult-use recreational market. The majority of the Q4 2019
provision was related to two slower selling stock-keeping units
(“SKUs”) sold to the Ontario Cannabis Store (OCS), comprised of a
bespoke order of lower THC dried flower intended to fulfill a
supply gap in the market earlier in calendar 2019 and THC
oils.
- Q1 2020 cash and “all-in” costs of cultivation of $0.61 and
$0.87 per gram of dried flower harvested4, respectively, decreased
from $0.66 and $0.94 per gram in Q4 2019 as yield per plant
increased from 148 grams in Q4 2019 to 152 grams in Q1 2020.
- Q1 2020 cost of sales remained relatively stable at $15.8
million from $15.5 million in Q4 2019. Q1 2020 cost of sales
benefited from lower inventory write-offs than in Q4 2019 and lower
post harvest costs for product sales to another LP for which
product is packaged in bulk without any specific labeling and
excise stamps.
- Q1 2020 gross margin before fair value changes to biological
assets and inventory increased to $9.3 million or 37% of net
revenue from Q4 2019 gross margin before fair value changes to
biological assets and inventories of $0.7 million or 5% largely due
to higher net revenue and relatively stable cost of sales and
indirect production costs as described above.
- Q1 2020 gross margin of $11.2 million compared to Q4 2019 gross
margin of negative $11.1 million, largely due to negative non-cash
fair value changes in biological assets and inventories in the
prior year quarter.
- Q1 2020 positive adjusted EBITDA5 of $4.9 million compared to
Q4 2019 negative adjusted EBITDA of $7.9 million. Q4 2019 negative
adjusted EBITDA was impacted by lower gross margin before fair
value changes to biological assets and inventories (described
above) and higher SG&A compared to Q1 2020.
- Q1 2020 SG&A of $9.4 million decreased 32% from $13.9
million in Q4 2019. As expected, Q1 2020 SG&A as a percentage
of net revenue decreased to 37% from 85% in Q4 2019 as the Company
had previously indicated Q4 2019 was an anomaly.
Adult-Use Recreational Launch 2.0 (“Rec 2.0”) – Derivative
and Edible Products
- The Company has chosen to initially focus on the two most
popular product forms based on US state sales data: vaporizer pens
and edible products6.
- To date, Organigram has submitted new product notifications to
Health Canada in October 2019 for a comprehensive vape pen
portfolio and cannabis infused chocolates.
- As planned, the Company began shipping the first of its 2.0
products, Trailblazer Torch vape cartridges, on December 17, 2019.
The cartridges are custom engineered with borosilicate glass and
stainless-steel components, designed to accommodate a standard
510-thead battery.
- Launches of Edison + Feather ready-to-go distillate pens and
Edison + PAX ERA® distillate cartridges are expected in January
2020 and Q2 calendar 2020, respectively.
- The Company’s next-generation product portfolio includes
high-quality cannabis infused chocolate and a dissolvable powder
product, designed using nanotechnology for faster absorption of
cannabinoids (when compared to traditional edible products).
Planned launches of Organigram’s chocolate and dissolvable powder
products are anticipated in Q1 and Q2 calendar 2020,
respectively.
- As expected, the Company took delivery of its high speed, high
capacity, fully automated chocolate production line in October
2019. Installation of the production line has been completed,
licensing approval for the chocolate operations area has been
received and the Company expects commissioning in time for initial
sales in Q1 calendar 2020.
- As previously announced, Organigram has developed a proprietary
nano-emulsification technology that is anticipated to provide an
initial absorption of cannabinoids within 10 to 15 minutes. The
emulsion process developed by the Organigram team generates
micro-particles that are very small and uniform, which it expects
will translate to an absorption and onset of effect that is rapid,
reliable and controlled. The Company anticipates the nano-emulsion
technology will have stability to temperature variations,
mechanical disturbance, salinity, pH and sweeteners. The Company’s
researchers have also recently developed a way to transform this
emulsification into a solid form, turning it into a dissolvable
powder. This shelf stable, water-compatible, unflavored
nano-emulsion formulation is also expected to begin to be absorbed
within 10 to 15 minutes when ingested after being added to a
liquid. The powdered formulation will 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 expected of a dry powder formulation.
The Company expects to launch the dissolvable powder product in Q2
calendar 2020.
Phase 4 Expansion
- In December 2019, the Company received Health Canada licensing
approval for the remaining 16 grow rooms for incremental target
production capacity of about 13,000 kg per year of dried flower and
sweet leaf. This brings the Company’s total licensed target
production capacity to 89,000 kg per year7. Management has decided
to fill these newly licensed rooms in Phase 4B at a slower pace in
response to lower than anticipated consumer demand at this time
which the Company believes is largely due to the lack of an
inadequate retail store network at this time, particularly in
Ontario.
- As previously reported with the release of Organigram’s Fiscal
2019 results on November 25, 2019, the Company’s management made a
strategic decision to delay the completion of Phase 4C (the final
stage of the Phase 4 expansion), previously targeted for the end of
calendar 2019, largely due to less than anticipated consumer demand
noted above and to more effectively manage and prioritize cash flow
as well as potentially use the space in 4C for other opportunities
(if strategic and/or market factors dictate).
- In December 2019, the Ontario government announced it is taking
steps to move to an open market for retail cannabis stores
beginning in January 2020. Store authorizations from this open
application process are expected to be issued beginning in April,
at an initial rate of approximately 20 per month. Management will
assess its decision to delay the completion of Phase 4C on an
ongoing basis based on the progress and extent of store openings
and the impact on consumer demand.
- To date, the Company has completed a significant portion of
Phase 4C, such that the Company’s management believes the remaining
construction can be completed in a relatively short timeframe to be
ready to respond to an increase in consumer demand which may result
from additional store openings.
- The estimate to complete all of Phase 4 (including the
remainder of Phase 4C) was approximately $16 million as of
quarter-end.
- If and when the Company decides to complete 100% of Phase 4C
for cultivation as currently designed, the Moncton Campus facility
is expected to have a target production capacity of 113,000 kg per
year7 of dried flower and sweet leaf.
Phase 5 Under Refurbishment
- The Company is taking an already constructed 56,000 square foot
footprint within its existing facility and turning it into a
multi-functional space (“Phase 5”) with design specifications to
European Union GMP standards.
- Phase 5, once fully licensed and operational, is expected to
add significant functionality to the Moncton Campus including
additional post-harvesting rooms (including drying rooms),
additional extraction capacity, and a dedicated derivatives and
edibles facility.
- The estimated total capital cost of Phase 5 is expected to be
approximately $65 million8 and the estimate to complete was
approximately $20 million as at quarter-end.
- In addition to the chocolate production line now installed and
licensed, Phase 5 plans also include a powdered drink mixing and
packaging line, expanded vaporizer pen filling and automated
packaging, additional extraction by both CO2 and hydrocarbon as
well as additional areas for formulation including short path
distillation for edibles and vaporizer pen formulas.
Outlook
- The Company believes that the Canadian market is positioned for
growth with additional retail store openings planned in the largest
markets of Ontario and Quebec collectively representing over 60% of
the Canadian population.
- Legalization of edible and derivative products is also expected
to significantly expand the legal market from its current state.
Certain provinces have announced delays or other restrictions on
the launch of vaporizable products in their markets including
Newfoundland & Labrador, Quebec and Alberta. The Company is
adjusting its distribution schedules and revenue expectations
accordingly.
- Organigram has and continues to build excised finished product
across a variety of SKUs and is ready to onboard the addition of
Ontario retailers. The first few of Ontario’s new stores opened in
December 2019. That same month, Ontario announced it is taking
steps to move to an open market for retail cannabis stores
beginning in January 2020. Store authorizations from this open
application process are expected to be issued beginning in April,
at an initial rate of approximately 20 per month. This is expected
to set the stage for further growth for Organigram and the
industry. The Société québécoise du cannabis also previously
announced plans to double its number of stores and Alberta’s robust
network of about 375 stores has continued to grow to meet consumer
demand.
Liquidity and Capital
- Organigram had $34.1 million in cash and short-term investments
at quarter-end. The Company also generated positive adjusted
EBITDA9 of $4.9 million in Q1 2020.
- The Company reported approximately $84.5 million in current and
long-term debt as at quarter-end, which primarily represents the
carrying value of its term loan in its credit facility with BMO and
a syndicate of lenders. As of the date of this press release, there
is $30.0 million in available capacity on the term loan in its
credit facility. The Company also has a revolver of up to $25
million available to be drawn against specified receivables.
- On November 15, 2019, the Company amended its credit facility
with BMO to: i) extend the final draw deadline of the term loan
from November 30, 2019 to March 31, 2020; ii) postpone the
commencement of principal repayments on the term loan to May 31,
2020; and iii) realign the financial covenants structure, effective
November 30, 2019, to be more consistent with industry norms up to
and including May 31, 2020, which will also provide the Company
with greater flexibility around the timing and quantum of
incremental draws. The financial covenants will revert to the
original structure on August 31, 2020.
- Included in the facility is an uncommitted option to increase
the term loan and/or revolving debt by an incremental $35 million
to a total of $175 million, subject to agreement by BMO and the
syndicate of lenders and satisfaction of certain legal and business
conditions.
- On November 22, 2019, the Company filed a base shelf prospectus
for an amount up to $175 million through the issuance of common
shares, preferred shares, debt securities, subscription receipts,
warrants or units. The purpose of filing the base shelf prospectus
is to shorten the timeline to raise funds for growth opportunities
and working capital.
- On December 4, 2019, Organigram announced it had established an
ATM program pursuant to a prospectus supplement to the base shelf
prospectus that allows the Company to issue up to $55 million (or
its U.S. dollar equivalent) of common shares from treasury, the
volume and timing of which is at its discretion. The ATM program
will be effective until the earlier of December 25, 2021 and the
issuance and sale of all the common shares issuable pursuant to the
ATM program, unless terminated prior to such date by the Company or
the agents under the ATM program. The Company has used, and
continues to intend to use, the net proceeds to fund capital
projects, for general corporate purposes and to repay indebtedness.
As of the date of this press release, the Company had issued
7,302,600 common shares for gross proceeds of approximately $22.9
million at a weighted average price of $3.14 per common share,
leaving about $32.1 million available for common share issuance
under the ATM program.
Capital Structure
(in $000s except for share amounts)
November 30, 2019
August 31, 2019
Current and long-term debt
$ 84,499
$ 49,576
Shareholders’ equity
328,821
327,006
Total debt and shareholders’ equity
$ 413,320
$ 376,582
Outstanding common shares
156,243
156,196
Options
9,086
8,833
Restricted share units
1,061
842
Performance share units
142
-
Total fully-diluted shares
166,532
165,872
Outstanding basic and fully diluted share count as at January
12, 2020 is as follows:
(in 000s)
January 12, 2020
Outstanding common shares
Options
Restricted share units
Performance share units
163,571
9,538
1,061
142
Total fully-diluted shares
174,312
First Quarter Fiscal 2020 Conference Call
The Company is scheduled to report its first quarter fiscal 2020
results on Tuesday, January 14, 2020 after market close. The
Company will host a conference call to discuss its results:
Date: January 14, 2019 Time: 5:00 p.m. Eastern Time Toll Free (North America) Dial-In Number:
1-866-211-4093 International Dial-In Number:
647-689-6727 Webcast:
https://event.on24.com/wcc/r/2152232/54B24C07755D838D71560C08FF6CC73E
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 EBITDA, adjusted EBITDA as a
percentage of net revenue and cash and “all-in” cost of
cultivation) 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. These
non-IFRS financial performance measures are defined below. 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 2020 MD&A for definitions and reconciliations to
IFRS amounts.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a NASDAQ Global Select Market and a
Toronto Stock Exchange (“TSX”) 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, Ankr Organics 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 plans and objectives including
around timing for launch of new product forms, or estimates or
predictions of actions of customers, suppliers, partners,
distributors, competitors or regulatory authorities ;statements
regarding the market future 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 receipt of regulatory approvals or consents and
conditions imposed upon 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 patters and
consumer preferences not being as predicated 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 product forms, market demand and acceptance of new product
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 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 2020 MD&A for definitions and a
reconciliation to IFRS.
2 Adjusted EBITDA and adjusted EBITDA as a percentage of net
revenue are non-IFRS financial measures not defined by and do not
have any standardized meaning under IFRS; please refer to the
Company’s Q1 2020 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 2020 MD&A for definitions and a
reconciliation to IFRS.
4 Cash and “all-in” costs of cultivation per gram of dried
flower harvested are non-IFRS measures that are not defined by and
do not have any standardized meaning under IFRS. “Cost of
cultivation” per gram harvested includes “cash” costs such as
direct labour, direct materials and manufacturing overhead (e.g.
maintenance) as well as “non-cash” expenses such as employee
share-based compensation for cultivation employees and depreciation
related to buildings and equipment of the production facility. Cost
of cultivation does not include packaging costs, which are added to
arrive at the cost for inventory, nor distribution costs
(shipping), both of which are included in the cost of sales. Thus,
readers are cautioned against comparing cost of cultivation per
gram harvested with cost of sales for the same period(s) for at
least two reasons: (1) Cost of sales includes packaging costs and
distribution (shipping) costs which “Cost of cultivation” does not,
and (2) there is a delay between when product is harvested and when
it is sold. Sometimes that delay is one or two quarters (and longer
with extraction material). Cost of cultivation also does not
include indirect production costs, which are expensed directly
against gross margin.
5 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 2020 MD&A for definitions and a
reconciliation to IFRS amounts.
6 QUICK TAKE - Cannabis - Cowen's THC Tracker: U.S. Brands -
Cowen and Company, March 29, 2019
7 Target production capacity once licensed and fully
operational; several factors can cause actual capacity and cost to
differ from estimates. See “Risk Factors” in the Company’s Q1 2020
MD&A.
8 Target production capacity once licensed and fully
operational; several factors can cause actual capacity and cost to
differ from estimates. See “Risk Factors” in the Company’s Q1 2020
MD&A.
9 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 2020 MD&A for definitions and a
reconciliation to IFRS.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200114005811/en/
For Investor Relations enquiries, please contact:
Amy Schwalm Vice-President, Investor Relations
amy.schwalm@organigram.ca 416-704-9057
For Media enquiries, please contact:
Ray Gracewood Senior Vice President, Marketing and
Communications rgracewood@organigram.ca 506-645-1653
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