Shares in Canada-based cannabis stock OrganiGram plunged 12% after the company reported a much wider-than-feared loss for the fiscal first quarter of 2021. In the quarter to Nov. 30, OrganiGram’s (OGI) net loss ballooned to C$34.3 million from about C$863,000 during the same period a year ago. Analysts had been expecting a loss of C$7.1 million for the reported quarter. Gross revenue declined 11% to C$25.3 million, while net revenue dropped 23% to C$19.3 million due to significantly lower wholesale sales from licensed producers and a lower average selling price. Analysts had been looking for revenue of C$20.3 million. Meanwhile, adult-use recreational net revenue increased 30% to C$16.8 million year-on-year.
https://www.tipranks.com/news/organigram-tanks-12-after-disappointing-quarterly-results
Organigram (NASDAQ:OGI)
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