Achieves positive Adjusted EBITDA two quarters
earlier than expected driven by record high net revenue for the
Company of $31.8 million and a top 3 national market share position
among Canadian LPs.
HIGHLIGHTS
- Achieved gross revenue of $43.9 million, up 128% from the same
prior-year period and consistent with Q1 Fiscal 2022, despite the
impact of seasonality
- Continued record growth in net revenue, reaching $31.8 million,
the highest in the history of the Company, up 117% from $14.6
million in the same prior-year period and 5% from $30.4 million in
Q1 Fiscal 2022
- Achieved positive Adjusted EBITDA of $1.6 million, two quarters
ahead of the Company's initial estimate
- Reached 8.2% market share1 in February 2022, the #3 position
among Canadian licensed producers for the second month in a
row1
- Maintained #1 position in dried flower, the largest category,
which represents approximately half of the Canadian cannabis
market1
- Launched 18 new products, including extensions to the SHRED'ems
gummies line and two new premium strains to the Edison brand,
bringing the total number of core SKUs in market to 69
- Shipped 1,692 kilograms of high margin flower to Israel and
Australia, marking the highest quarterly International B2B
shipments in the history of the Company
- Acquired Quebec-based hash and craft cannabis producer
Laurentian, an immediately accretive transaction providing the
Company with a broadened product portfolio and increased footprint
in Quebec
- Increased investment in Hyasynth, a pioneer in cannabinoid
science. Once Hyasynth commences commercial production, the Company
has the option to purchase Hyasynth’s proprietary
biosynthesis-generated cannabinoids at a discount to the wholesale
market price
- Launched SHRED-X vapes, 510 vape cartridges with flavour
profiles inspired by the unique flavours of the SHRED milled flower
products
- Received $6.3 million investment from BAT through the exercise
of its rights pursuant to an Investor Rights Agreement with BAT, to
enhance its equity ownership position in the Company from 18.8% to
19.4% as at the date hereof
- Subsequent to quarter-end, leveraged the high visibility of the
SHRED brand to introduce two new products. SHRED-X kief-infused
blends, is a 50%/50% blend of kief and the popular SHRED milled
flower – yet another innovative product that combines potency and
flavour with convenience, and SHRED'ems POP!, gummies in the
classic pop flavours of cola, root beer and cream soda
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 second quarter ended February 28, 2022 (“Q2
Fiscal 2022”).
“The culture of innovation and consumer focus we are building at
Organigram has enabled us to not only create brands that are
embraced by consumers, but continually innovate within those brands
and across multiple product lines. We expect that leveraging these
brands will allow us to continue to drive market share,” said Beena
Goldenberg, Chief Executive Officer. “In addition to our continued
success at building beloved brands, our ability to increase sales
in international markets and capitalize on our accretive
acquisitions, such as Laurentian and EIC, continue to contribute to
our solid gains in market presence and sales growth."
“We are also progressing well with the Laurentian integration.
In less than three months we have been able to significantly
increase distribution and begin to implement the synergies planned
at acquisition. Automation to optimize production is also underway
and expected to be complete by the end of Fiscal 2022,” added
Goldenberg.
Select Key Financial Metrics (in $000s
unless otherwise indicated)
Q2-2022
Q2-2021
% Change
Gross revenue
43,934
19,292
128 %
Excise taxes
(12,098)
(4,649)
160 %
Net revenue
31,836
14,643
117 %
Cost of sales
24,955
31,146
(20) %
Gross margin before fair value changes to
biological assets & inventories sold
6,881
(16,503)
nm
Realized fair value on inventories sold
and other inventory charges
(5,314)
(7,208)
nm
Unrealized gain (loss) on changes in fair
value of biological assets
7,502
6,516
nm
Gross margin
9,069
(17,195)
nm
Adjusted gross margin1
8,255
(680)
nm
Adjusted gross margin %1
26 %
(5) %
nm
Selling (including marketing), general
& administrative expenses2
13,998
10,329
36 %
Adjusted EBITDA1
1,556
(7,840)
nm
Net loss
(4,047)
(66,389)
nm
Net cash used in operating activities
(803)
(10,430)
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 Q2 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)
FEBRUARY 28, 2022
AUGUST 31, 2021
% Change
Cash & short-term investments
150,745
183,555
(18) %
Biological assets & inventories
56,187
48,818
15 %
Other current assets
29,627
28,242
5 %
Accounts payable & accrued
liabilities
25,551
18,952
35 %
Current portion of long-term debt
80
80
— %
Working capital
189,597
234,349
(19) %
Property, plant & equipment
240,924
235,939
2 %
Long-term debt
192
230
(17) %
Total assets
585,102
554,017
6 %
Total liabilities
71,716
74,212
(3) %
Shareholders’ equity
513,386
479,805
7 %
“The additional revenue from Laurentian, and continued growth in
recreational and B2B sales, combined with improving margins through
improved operational efficiencies, allowed us to achieve positive
Adjusted EBITDA two quarters earlier than originally projected,”
stated Derrick West, Chief Financial Officer. "Our strong balance
sheet and cash position as well as the completion of our facility
expansion to meet market demand, positions us well to deliver
sustained value to our shareholders.”
Key Financial Results for the Second Quarter Fiscal
2022
- Net revenue:
- Compared to the prior year, net revenue increased 117% to $31.8
million, from $14.6 million in Q2 Fiscal 2021. The increase was
primarily due to an increase in adult-use recreational revenue and
international revenue, partly offset by lower average net selling
price (“ASP”) due to product mix and a decrease in medical
revenue.
- Cost of sales:
- Q2 Fiscal 2022 cost of sales decreased by 20% to $25.0 million,
from $31.1 million in Q2 Fiscal 2021. The decrease to cost of sales
during a period when there was a large increase in sales was due to
lower production costs, the elimination of unabsorbed overheads and
significantly reduced inventory provisions.
- Gross margin before fair value changes to biological assets,
inventories sold, and other charges:
- Q2 Fiscal 2022 margin improved to $6.9 million from negative
$16.5 million in Q2 Fiscal 2021 largely due to higher net revenue
and lower cost of sales as described above.
- Gross margin:
- Q2 Fiscal 2022 gross margin increased to a positive result from
negative Q2 Fiscal 2021 gross margin largely due to higher Q2
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 Q2 Fiscal 2022.
- Adjusted gross margin2:
- Q2 Fiscal 2022 adjusted gross margin was $8.3 million, or 26%
of net revenue, compared to negative $0.7 million, or -5%, in Q2
Fiscal 2021. This was largely due to the higher overall sales
volumes combined with lower cost of production.
- Selling, general & administrative (SG&A) expenses:
- Q2 Fiscal 2022 SG&A expenses increased to $14.0 million
from $10.3 million in Q2 Fiscal 2021, primarily due to the higher
spend to support the growth to the business combined with the
acquisition of Laurentian.
- Adjusted EBITDA3:
- Q2 Fiscal 2022 adjusted EBITDA improved to positive $1.6
million compared to negative $7.8 million in Q2 Fiscal 2021,
primarily due to the increase in adjusted gross margins, partially
offset by the increase in SG&A expenses.
- Net loss:
- Q2 Fiscal 2022 net loss was $4.0 million, compared to a net
loss of $66.4 million in Q2 Fiscal 2021, the reduction in the net
loss is primarily due to the higher sales and gross margins in the
current quarter.
- Net cash used in operating activities:
- Q2 Fiscal 2022 net cash used in operating activities was $5.3
million: this was primarily driven by the increase in inventories.
In Q2 Fiscal 2021, net cash used in operating activities was $10.4
million, which was primarily driven by the loss from
operations.
The following table reconciles the Company's adjusted
EBITDA.
Adjusted EBITDA Reconciliation (in $000s
unless otherwise indicated)
Q2-2022
Q2-2021
Net loss as reported
$ (4,047)
$ (66,389)
Add/(Deduct):
Financing costs, net of investment
income
(217)
669
Income tax recovery
(97)
—
Depreciation, amortization, and gain
(loss) on disposal of property, plant and equipment (per statement
of cash flows)
11,024
5,222
Impairment of intangible assets
—
—
Impairment of property, plant and
equipment
2,000
—
Share of loss and impairment loss from
loan receivable and investments in associates
499
844
Unrealized (gain) loss on changes in fair
value of contingent consideration
666
154
Realized fair value on inventories sold
and other inventory charges
5,314
7,208
Unrealized gain (loss) on change in fair
value of biological assets
(7,502)
(6,516)
Share-based compensation (per statement of
cash flows)
877
1,167
COVID-19 related charges, net of
government subsidies
—
(2,709)
Legal provisions
—
500
Share issuance costs allocated to
derivative warrant liabilities and change in fair value of
derivative liabilities
(10,633)
37,659
Incremental fair value component of
inventories sold from acquisitions
663
—
Acquisition transaction costs
1,148
—
Provisions and impairment of inventories
and biological assets and provisions of inventory to net realizable
value
711
13,549
Research and development expenditures
1,150
802
Adjusted EBITDA
$ 1,556
$ (7,840)
The following table reconciles the Company's adjusted gross
margin:
Adjusted Gross Margin Reconciliation (in
$000s unless otherwise indicated)
Q2-2022
Q2-2021
Net revenue
$ 31,836
$ 14,643
Cost of sales before adjustments
23,581
15,323
Adjusted Gross margin
8,255
(680)
Adjusted Gross margin %
26 %
(5) %
Less:
Provisions (recoveries) and impairment of
inventories and biological assets
686
10,050
Provisions to net realizable value
25
3,499
Incremental fair value component on
inventories sold from acquisitions
663
—
Unabsorbed overhead
—
2,274
Gross margin before fair value
adjustments
6,881
(16,503)
Gross margin % (before fair value
adjustments)
22 %
(113) %
Add/(Deduct):
Realized fair value on inventories sold
and other inventory charges
(5,314)
(7,208)
Unrealized gain on changes in fair value
of biological assets
7,502
6,516
Gross margin(1)
9,069
(17,195)
Gross margin %(1)
28 %
(117) %
Canadian Recreational Market
SHRED X 510 vape cartridges
- In February 2022, the Company launched SHRED X vape cartridges
in the 510 format. This new line of vapes is offered in flavours of
the popular milled flower product: Tropic Thunder, Megamelon and
Gnarberry, and are blended with a unique terpene blend to create a
true cannabis flavour.
SHRED X kief-infused blends
- Building on its leadership position with SHRED, the best
selling milled flower product, the Company in March introduced a
new innovative product consisting of a 50%/50% blend of SHRED
combined with high quality kief. SHRED-X combines the convenience
of milled flower with the higher potency of kief.
Edison new strains
- The Company solidified the premium positioning of Edison, its
flagship brand, by introducing two new strains of premium flower to
its lineup. This includes Edison Kush Cakes, an indica-dominant
cultivar with a high potency of 22-28% THC, and Edison Frozen
Lemons, a sativa-dominant strain with a lemon flavour and aroma,
and a potency of 20-26% THC.
SHRED'ems line extensions
- SHRED'ems gummies, launched in August 2021, leveraged the
popularity of the Company's SHRED milled flower products, and
quickly grew to a #3 position4 in the gummies category. Building on
the success of the initial launch, the Company launched five new
flavours, bringing a total of eight SHRED'ems SKUs to the
market.
Big Bag O' Buds line extension
- To further differentiate its offering in the value segment, the
Company introduced Pink Cookies to its Big Bag 'O Buds product
line. Pink Cookies is an indica-dominant strain with a potency of
18-24% THC. The Company now has five core Big Bag 'O Buds SKUs
available in the market, reflecting increasing consumer demand for
variety in the value segment.
Research and Product Development
Product Development Collaboration ("PDC") and Centre of
Excellence ("CoE")
- In Fiscal 2021, Organigram launched the PDC with BAT which was
established to focus on research and product development activities
for the next generation of cannabis products, with an initial focus
on CBD. R&D efforts are progressing well and the Company will
be applying these discoveries and deep scientific knowledge to both
strengthen its existing in market products, as well as the
development of novel and new consumer-centric innovations.
Plant Science, Breeding and Genomics R&D in Moncton
- Organigram’s cultivation program is a key strategic advantage
for the Company and focuses 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 is aggressively expanding its in-house
breeding program, and will be launching the first of many in-house
genetic in the coming months.
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 to Hyasynth’s
Board of Directors and has the option to purchase Hyasynth produced
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.
International
- In Q2 Fiscal 2022, the Company made two international
shipments. In February, the Company shipped 1,692 kilograms of dry
flower to Israel under its agreement with Canndoc and to Australia
through Cannatrek.
- 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 February 28, 2022, the Company had unrestricted cash and
short-term investments balance of $151 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
FEBRUARY
28, 2022
AUGUST
31, 2021
Current and long-term debt
272
310
Shareholders’ equity
513,386
479,805
Total debt and shareholders’ equity
513,658
480,115
in 000s
Outstanding common shares
313,690
298,786
Options
7,783
7,797
Warrants
16,944
16,944
Top-up rights
6,382
6,559
Restricted share units
1,352
1,186
Performance share units
269
472
Total fully-diluted shares
346,420
331,744
Outstanding basic and fully diluted share count as at April 11,
2022 is as follows:
in 000s
APRIL 11, 2022
Outstanding common shares
313,690
Options
7,764
Warrants
16,944
Top-up rights
6,541
Restricted share units
1,352
Performance share units
269
Total fully-diluted shares
346,560
Outlook5
Net revenue
- Organigram currently expects Q3 Fiscal 2022 revenue to be
higher than Q2 Fiscal 2022. This expectation is largely due to
ongoing sales momentum, stronger forecasted market growth, the
Company's expanded product line in multiple segments, greater
capacity to meet demand at the Moncton Campus, increased throughput
at the Winnipeg facility and the Laurentian acquisition.
- 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 7.6% in Q1 of September
2021 to 8.4% in March 20226.
- In addition, the continuation of shipments to Canndoc in Israel
and Cannatrek in Australia 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 compared to Fiscal 2021.
Revenues in Fiscal 2022 to date included two shipments to Canndoc
that totaled approximately $7.0 million, and one shipment to
Cannatrek for approximately $1.0 million. Orders received from
other international customers support the Company’s expectation of
continued revenue growth from Fiscal 2021 to Fiscal 2022.
- Organigram expects to be positioned to generate further revenue
growth from the production of soft chews/gummies and other edible
products.
- The Company also expects to realize additional revenue through
the recent acquisition of Laurentian and will make growth-focused
capital expenditures at Laurentian which have the potential to
further increase EBITDA generation. Since the acquisition, the
Company has accelerated the distribution and sale of Tremblant
Cannabis, its flagship hash brand in Ontario, increasing
distribution from 25% to 40% of retail stores and growing quarterly
sales by 21% compared to Laurentian's sales in the three months
ended November 30, 2022. By leveraging Organigram’s
industry-leading national distribution and field sales network,
Laurentian products will be available in all Canadian provinces in
Fiscal 2022.
Adjusted gross margins
- The Company expects to see a sequential improvement in adjusted
gross margins in Q3 Fiscal 2022 and has put measures in place that
it expects will further improve margins over time.
- The overall level of Q3 Fiscal 2022 adjusted gross margins
versus Q2 Fiscal 2022 will also be dependent on other factors,
including 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, design
improvements and environmental enhancements which 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;
- Continued investment in the Edison brand, including product
innovations across multiple categories and increased investment in
building brand equity within the premium segment, both geared
toward securing higher margins;
- Additional innovative product launches such as Edison Jolts,
SHRED'ems, Monjour and most recently SHRED X kief-infused blends,
which 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.
Second Quarter Fiscal 2022 Conference Call
The Company will host a conference call to discuss its results
with details as follows: Date: April 12, 2022 Time: 8:00am Eastern
Time To register for the conference call, please use this link:
https://conferencingportals.com/event/RUyBPhzX
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://events.q4inc.com/attendee/457187993
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 Q2 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 edibles 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 Edison, Big Bag O’ Buds, SHRED, Monjour and Trailblazer.
Organigram operates facilities in Moncton, New Brunswick and
Lac-Supérieur, Québec, 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 relating to greater capacity to meet demand
due to increased capacity at the Company’s facilities, 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. and Cannatrek 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 and conditions to
receiving 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 April 11, 2022 and there can be no
assurance whatsoever that these events will occur.
____________________________
1 Hifyre data extract from March 25, 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 Q2 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 Q2 2022 MD&A for definitions and a
reconciliation to IFRS. 4 Hifyre data extract from March 25, 2022 5
The disclosure in this section are subject to the risk factors
referenced in the “Risk Factors” section of the Company’s Q2 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 second
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 Q2 Fiscal 2022 MD&A. 6 Hiyre data
extract from April 4, 2022
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220412005509/en/
For Investor Relations enquiries, please contact:
investors@organigram.ca
For Media enquiries, please contact: Megan McCrae, Senior
Vice President, Marketing and Communications
megan.mccrae@organigram.ca
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Organigram (NASDAQ:OGI)
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