Organigram Holdings, Inc (OTCQB:OGRMF) shares are moving steadily higher over the last two weeks albeit the broader market selloff. The majority of cannabis stocks are losing their gains that were generated after Trump’s decision to give full regulation rights to each state. The North American Marijuana index dipped from 256 points to 243 points in the previous two weeks.
Organigram Holdings, however, posted share price gains of 15% in the last two weeks. Its stock price currently trades around $3.17 per share, shy slightly from the 52-week high of $4.5 per share.
The current rally in Organigram stock price receives support from its record-breaking second quarter results.
Its second-quarter sales rose 123% year over year to a record level of $3.2 million, expanding the first half sales growth to 61% over the prior year period. Organigram Holdings cannabis oil sales and yield per plant also reached new highs in the second quarter of fiscal 2018.
Canada based licensed medical marijuana producer reported positive earnings per share of $0.09 in Q2, compared to the loss of $0.059 per share in the year-ago period.
“We are incredibly proud of what we have achieved in Q2 as we registered record sales and a profit for the quarter,” said Greg Engel the Company’s CEO.
He added, “We have also significantly bolstered our balance sheet, and from an operational and sales and marketing perspective we are well positioned to take full advantage of not only the medical market but also the burgeoning adult recreational and international opportunities as well.”
>>MagnaChip Stocks Up 16.5% as Firm Announces Newly-developed Smartphone Screen
The company plans to expand its position in the adult recreational market in the days to come. It is likely to announce its adult-recreational brand strategy on May 15, 2018. Organigram management also plans to announce strategic investments in international markets over the following quarters. Its phase 3 expansions, which will bring its pro-forma run-rate capacity to 36,000 kg/yr – is likely to complete in mid of this year.
Featured Image: twitter
