Achieves fourth consecutive quarter of record
net revenue and continues growth as a leading Canadian LP in
recreational adult use market share
HIGHLIGHTS
- Achieved gross revenue of $55.2 million, up 90% from the same
prior-year period and 26% higher than Q2 Fiscal 2022
- Continued record growth in net revenue, reaching $38.1 million,
the highest in the history of the Company, up 88% from $20.3
million in the same prior-year period and 20% from $31.8 million in
Q2 Fiscal 2022
- In Q3 Fiscal 2022, achieved #3 position among Canadian licensed
producers with 7.8% market share. In June 2022 the Company had 8.5%
share of recreational adult use market 1
- Continues to hold #1 position in dried flower, the largest
category of the Canadian cannabis market and the #3 market position
nationally in gummies1
- Introduced 16 new SKUs for a total of 85 SKUs in market
- Increased market presence of successful SHRED brand with the
introduction of SHRED-X vapes, SHRED-X kief-infused blends and
SHRED'ems POP!, gummies in the classic pop flavours of cola, root
beer and cream soda
- Expanded distribution of Tremblant hash to all 10
provinces
- Added to the Monjour wellness brand with the launch of CBN
Bedtime Blueberry Lemon, a sugar-free gummy that contains the
cannabinoid CBN, along with CBD and THC
- Shipped approximately $1.3 million of high margin flower to
Australia and, subsequent to quarter end, shipped approximately
$5.4 million to Australia and Israel
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), (the
“Company” or “Organigram”), a leading licensed producer of
cannabis, announced its results for the third quarter ended May 31,
2022 (“Q3 Fiscal 2022”).
“We are pleased to see continued strength in our recreational
business with our increasing market share. We achieved record net
revenue results which we expect to surpass again in Q4 on the
strength of new product listings, increased retail sales momentum
and international shipments,” said Beena Goldenberg, Chief
Executive Officer. “We have built an enduring brand with SHRED that
has proven to attract consumers across multiple product categories.
This market strength is bolstered by introducing new SKUs in the
derivative space, including Edison JOLTS, which are now available
in three flavours, Edison live resin vapes, Tremblant hash, and
Monjour soft chews in the wellness segment."
Select Key Financial Metrics (in $000s
unless otherwise indicated)
Q3-2022
Q3-2021
% Change
Gross revenue
55,173
29,105
90 %
Excise taxes
(17,058)
(8,781)
94 %
Net revenue
38,115
20,324
88 %
Cost of sales
29,440
23,381
26 %
Gross margin before fair value changes to
biological assets & inventories sold
8,675
(3,057)
nm
Realized fair value on inventories sold
and other inventory charges
(7,386)
(8,509)
13 %
Unrealized gain (loss) on changes in fair
value of biological assets
6,353
13,685
(54) %
Gross margin
7,642
2,119
261 %
Adjusted gross margin1
9,298
(722)
nm
Adjusted gross margin %1
24 %
(4) %
nm
Selling (including marketing), general
& administrative expenses2
17,469
12,669
38 %
Adjusted EBITDA1
583
(9,244)
nm
Net loss
(2,787)
(4,008)
(30) %
Net cash used in operating activities
(6,372)
(10,754)
(41) %
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 “Non-IFRS
Financial Measures” in this press release for more information. 2
Excluding non-cash share-based compensation. nm - not
meaningful
Select Balance Sheet Metrics (in
$000s)
MAY 31,
2022
AUGUST 31,
2021
% Change
Cash & short-term investments
(excluding restricted cash)
127,356
183,555
(31) %
Biological assets & inventories
60,579
48,818
24 %
Other current assets
39,820
28,242
41 %
Accounts payable & accrued
liabilities
35,804
18,952
89 %
Current portion of long-term debt
80
80
— %
Working capital
173,106
234,349
(26) %
Property, plant & equipment
250,469
235,939
6 %
Long-term debt
174
230
(24) %
Total assets
583,565
554,017
5 %
Total liabilities
72,205
74,212
(3) %
Shareholders’ equity
511,360
479,805
7 %
“Our success as a consumer-focused innovator continues to drive
solid growth in the top line that is supported by a strong balance
sheet and cash position,” stated Derrick West, Chief Financial
Officer. "With our increased cultivation capacity and economies of
scale from Phase 4C, and our investment in automation at all three
of our manufacturing locations, we expect that both our adjusted
gross and adjusted EBITDA margins will improve in Q4 and into
Fiscal 2023.”
Key Financial Results for the Third Quarter Fiscal
2022
- Net revenue:
- Compared to the prior year, net revenue increased 88% to $38.1
million, from $20.3 million in Q3 Fiscal 2021. The increase was
primarily due to an increase in adult-use recreational revenue,
partly offset by lower average net selling price (“ASP”) due to
product mix and a decrease in medical revenue.
- Cost of sales:
- Q3 Fiscal 2022 cost of sales increased to $29.4 million, from
$23.4 million in Q2 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:
- Q3 Fiscal 2022 margin improved to $8.7 million from negative
$3.1 million in Q3 Fiscal 2021 largely due to higher net revenue,
reduction in inventory provisions and unabsorbed overhead
costs.
- Adjusted gross margin2:
- Q3 Fiscal 2022 adjusted gross margin was $9.3 million, or 24%
of net revenue, compared to negative $0.7 million, or -4%, in Q3
Fiscal 2021. This was largely due to the higher overall sales
volumes combined with lower cost of production.
- Selling, general & administrative (SG&A) expenses:
- Q3 Fiscal 2022 SG&A expenses increased to $17.5 million
from $12.7 million in Q3 Fiscal 2021, primarily due to acquisitions
and the higher spend to support the growth in the business.
- Adjusted EBITDA3:
- Q3 Fiscal 2022 adjusted EBITDA was $0.6 million compared to
negative $9.2 million in Q3 Fiscal 2021, primarily due to the
increase in adjusted gross margin, partially offset by the increase
in SG&A expenses.
- Net loss:
- Q3 Fiscal 2022 net loss was $2.8 million, compared to a net
loss of $4.0 million in Q3 Fiscal 2021, the decrease in the net
loss is a result of higher gross margin, lower inventory provisions
and lower financing costs.
- Net cash used in operating activities:
- Q3 Fiscal 2022 net cash used in operating activities was $6.3
million: primarily driven by the adjusted EBITDA net of the
investment in working capital assets. In Q3 Fiscal 2021, net cash
used in operating activities was $10.8 million.
The following table reconciles the Company's adjusted EBITDA to
net income (loss).
Adjusted EBITDA Reconciliation (in $000s
unless otherwise indicated)
Q3-2022
Q3-2021
Net loss as reported
$ (2,787)
$ (4,008)
Add/(Deduct):
Financing costs, net of investment
income
(234)
251
Income tax expense (recovery)
308
—
Depreciation, amortization, and gain
(loss) on disposal of property, plant and equipment (per statement
of cash flows)
6,515
5,626
Impairment of intangible assets
—
—
Impairment of property, plant and
equipment
—
—
Share of loss and impairment loss from
loan receivable and investments in associates
193
1,115
Unrealized (gain) loss on changes in fair
value of contingent consideration
(3,422)
(24)
Realized fair value on inventories sold
and other inventory charges
7,386
8,509
Unrealized gain (loss) on change in fair
value of biological assets
(6,353)
(13,685)
Share-based compensation (per statement of
cash flows)
761
973
COVID-19 related charges, net of
government subsidies and insurance recoveries
(335)
(2,714)
Legal provisions
(310)
470
Share issuance costs allocated to
derivative warrant liabilities and change in fair value of
derivative liabilities
(5,904)
(7,305)
Incremental fair value component of
inventories sold from acquisitions
700
—
ERP installation costs
1,410
—
Acquisition transaction costs
1,424
—
Provisions and impairment of inventories
and biological assets and provisions of inventory to net realizable
value
(77)
610
Research and development expenditures
1,308
938
Adjusted EBITDA
$ 583
$ (9,244)
The following table reconciles the Company's adjusted gross
margin to gross margin before fair value changes to biological
assets and inventories sold:
Adjusted Gross Margin Reconciliation (in
$000s unless otherwise indicated)
Q3-2022
Q3-2021
Net revenue
$ 38,115
$ 20,324
Cost of sales before adjustments
28,817
21,046
Adjusted Gross margin
9,298
(722)
Adjusted Gross margin %
24 %
(4) %
Less:
Provisions (recoveries) and impairment of
inventories and biological assets
(83)
(59)
Provisions to net realizable value
6
669
Incremental fair value component on
inventories sold from acquisitions
700
—
Unabsorbed overhead
—
1,725
Gross margin before fair value
adjustments
8,675
(3,057)
Gross margin % (before fair value
adjustments)
23 %
(15) %
Add/(Deduct):
Realized fair value on inventories sold
and other inventory charges
(7,386)
(8,509)
Unrealized gain on changes in fair value
of biological assets
6,353
13,685
Gross margin(1)
7,642
2,119
Gross margin %(1)
20 %
10 %
Canadian Recreational Market Introductions
Big Bag O' Buds Pink Cookies
- An Indica-dominant strain, features a refreshing mint flavour
that it gets from its famous Girl Scout Cookies lineage. The high
potency strain of ~24% THC provides product differentiation for the
Company in the value sector.
CBN Bedtime Blueberry Lemon gummies
- An extension to the Monjour wellness brand, CBN Bedtime
Blueberry Lemon gummies combine the cannabinoid CBN with CBD and
THC. CBN is an emerging cannabinoid that is reported to have
sedative properties. Sugar-free and made with natural flavour, each
package contains four gummies in a soothing lemon and blueberry
flavour.
Dankmeister XL Bong Blends
- A unique grind of SHRED milled flower designed for bong and
pipe users.
Edison JOLTS Electric Lemon and Arctic Cherry flavours
- Two cool blast flavour additions to the popular JOLTS brand;
each pack contains 10 lozenges for a total of 100 mg of THC.
Trailblazer Mint Chocolate Mini Snax
- An extension to the Trailblazer edible line, Mint Chocolate
Mini Snax combines the tasty flavour of mint with sustainably
sourced European chocolate. Each pack contains two pieces for a
total of 10 mg THC and 20 mg of CBD.
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 the learnings from ongoing activities 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 in Q3 Fiscal 2022, added the Cherry Limelight
strain to its Edison line.
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 Q3 Fiscal 2022, the Company made two international shipments
totaling $1.3M to Cannatrek and Medcan in Australia. Subsequent to
quarter-end, the Company shipped a further $5.4M to Australia and
Israel.
- 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) remain difficult to predict. The Company
continues to monitor and develop a potential U.S. THC strategy and
evaluate CBD entry opportunities in the United States. The Company
is also monitoring recreational legalization opportunities in
European jurisdictions based on the size of the addressable market
and recent regulatory changes with a particular focus on
Germany.
Liquidity and Capital Resources
- On May 31, 2022, the Company had unrestricted cash and
short-term investments balance of $127 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
MAY 31,
2022
AUGUST 31,
2021
Current and long-term debt
254
310
Shareholders’ equity
511,360
479,805
Total debt and shareholders’ equity
511,614
480,115
in 000s
Outstanding common shares
313,708
298,786
Options
7,799
7,797
Warrants
16,944
16,944
Top-up rights
6,389
6,559
Restricted share units
1,355
1,186
Performance share units
276
472
Total fully-diluted shares
346,471
331,744
Outstanding basic and fully diluted share count as at July 13,
2022 is as follows:
in 000s
JULY 13, 2022
Outstanding common shares
313,708
Options
7,760
Warrants
16,944
Top-up rights
6,531
Restricted share units
1,355
Performance share units
276
Total fully-diluted shares
346,574
Outlook4
Net revenue
- Organigram currently expects Q4 Fiscal 2022 revenue to be
higher than Q3 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, contributions from the Lac-Supérieur
facility and increased revenue from international shipments.
- 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 7.4% in February 2022 to
8.5% in June 20225.
- In addition, the anticipated continuation of shipments to
Canndoc in Israel and Cannatrek and Medcan 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 2023 with larger harvests expected compared to
Fiscal 2022. In the first 9 months ending May 31,2022, the Company
shipped out 5 International shipments combined to Israel/Australia
for a total dollar value of over $9.4 million.
Adjusted gross margins
- The Company expects to see a sequential improvement in adjusted
gross margins in Q4 Fiscal 2022 and has put measures in place that
it expects will further improve margins over time.
- The overall level of Q4 Fiscal 2022 adjusted gross margins
versus Q3 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 a result of the
Phase 4C expansion at the Moncton Campus;
- Changes to its growing and harvesting methodologies, design
improvements and environmental enhancements which have already
delivered improvements in 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 to support core brands:
Big Bag O' Buds, Edison, Monjour SHRED and Tremblant to create new
potential avenues for growth with expected attractive long-term
margin profiles for the Company; and
- Margin contribution from the addition of the core Laurentian
portfolio of products.
Third Quarter Fiscal 2022 Conference Call
The Company will host a conference call to discuss its results
with details as follows: Date: July 14, 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/915133557
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. Adjusted EBITDA is a
non-IFRS measure that the Company defines as net income (loss)
before: financing costs, net of investment income; income tax
expense (recovery); depreciation, amortization, reversal of/or
impairment, gain (loss) on disposal of property, plant and
equipment (per the statement of cash flows); share-based
compensation (per the statement of cash flows); share of loss and
impairment loss from loan receivable and investments in associates;
change in fair value of contingent consideration; change in fair
value of derivative liabilities; expenditures incurred in
connection with research & development activities; unrealized
gain (loss) on changes in fair value of biological assets; realized
fair value on inventories sold and other inventory charges;
provisions to net realizable value of inventories; impairment of
biological assets; COVID-19 related charges; government subsidies;
legal provisions; incremental fair value component of inventories
sold from acquisitions; transaction costs; and share issuance
costs. Adjusted EBITDA is intended to provide a proxy for the
Company’s operating cash flow and derive expectations of future
financial performance for the Company, and excludes adjustments
that are not reflective of current operating results.
Adjusted gross margin is a non-IFRS measure that the Company
defines as net revenue less: (i) cost of sales, before the effects
of unrealized gain (loss) on changes in fair value of biological
assets, realized fair value on inventories sold and other inventory
charges; excluding (ii) provisions and impairment of inventories
and biological assets; (iii) provisions to net realizable value;
(iv) COVID-19 related charges; and (v) unabsorbed overhead relating
to underutilization of the production facility and equipment, most
of which is related to non-cash depreciation expense. Management
believes that these measures provide useful information to assess
the profitability of our operations as it represents the normalized
gross margin generated from operations and excludes the effects of
non-cash fair value adjustments on inventories and biological
assets, which are required by IFRS.
The most directly comparable measure to adjusted EBITDA,
calculated in accordance with IFRS is net income (loss) and
beginning on page 4 of this press release is a reconciliation to
such measure. The most directly comparable measure to adjusted
gross margin calculated in accordance with IFRS is gross margin
before fair value changes to biological assets and inventories sold
and beginning on page 4 of this press release is a reconciliation
to such measure.
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
including international 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 adjusted gross margins, adjusted EBITDA and
net revenue in Fiscal 2022 and beyond, expectations regarding
cultivation capacity, 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., Cannatrek Ltd. and
Medcan; 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.
This news release contains information concerning our industry
and the markets in which we operate, including our market position
and market share, which is based on information from independent
third-party sources. Although we believe these sources to be
generally reliable, market and industry data is inherently
imprecise, subject to interpretation and cannot be verified with
complete certainty due to limits on the availability and
reliability of raw data, the voluntary nature of the data gathering
process, and other limitations and uncertainties inherent in any
statistical survey or data collection process. We have not
independently verified any third-party information contained
herein.
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 July 13, 2022 and there can be no
assurance whatsoever that these events will occur.
1 Hifyre data extract from July 5, 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 “Non-IFRS
Financial Measures” in this press release for more information. 3
Adjusted EBITDA is a non-IFRS financial measure not defined by and
does not have any standardized meaning under IFRS; please refer to
“Non-IFRS Financial Measures” in this press release for more
information. 4 The disclosure in this section is subject to the
risk factors referenced in the “Risk Factors” section of the
Company’s Q3 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
fourth 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 Q3 Fiscal 2022 MD&A. 5 HiFyre data
extract from July 5, 2022
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220714005295/en/
For Investor Relations enquiries, please contact:
investors@organigram.ca
For Media enquiries, please contact:
Paolo De Luca, Chief Strategy Officer
paolo.deluca@organigram.ca
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