TORONTO – Organigram Holdings Inc. (NASDAQ:OGI) (TSX:OGI), a leading licensed cannabis producer, announced that its SHRED brand has reached a significant sales milestone, surpassing $200 million in annual retail sales according to HiFyre data ending February 2024 for the previous 12 months.
SHRED, introduced to the market in September 2020, was the first cannabis brand to offer high-quality ground flower in three distinct flavor profiles. The brand has quickly gained popularity among consumers looking for convenience, quality and value. Since its inception, SHRED has expanded its product line to include pre-rolls, infused pre-rolls, gummies and hash, including its patent-pending Rip-Strip hash.
Tim Emberg, Chief Commercial Officer of Organigram, attributed the brand’s success to its unique positioning and continuous innovation. “In 2020, we recognized an untapped niche in the industry and saw the opportunity to build and deliver a bold new brand,” Emberg said. He highlighted the company’s dedication to innovation, which has led to the development of products such as Heavies IPR, Rip-Strip hash and a line of THCV products.
Organigram Holdings Inc., listed on both the TSX and TSX, is focused on producing high-quality cannabis for medical and adult-use recreational use and developing international business partnerships. The company operates factories in Moncton, New Brunswick (NYSE:), and Lac-Supérieur, Quebec, with a dedicated edible manufacturing facility in Winnipeg, Manitoba.
This announcement is based on a press release from Organigram Holdings Inc.
Insights on InvestingPro
Organigram Holdings Inc. (NASDAQ:OGI) (TSX:OGI) has achieved a significant retail milestone with its SHRED brand, but the company’s financial health and stock performance present a mixed picture by InvestingPro’s metrics . With a market capitalization of $211.07 Million, the company shows a commitment to growth, even though the negative P/E ratio of -1.00 and an adjusted P/E ratio for the trailing twelve months as of fourth quarter of 2023 at -4.25 suggest that profitability is a challenge value. Despite this, Organigram managed a gross profit of $25.82 million with a gross profit margin of 23.51% in the same period.
Tips from InvestingPro reveal that analysts have concerns about the company’s immediate financial future. Two analysts have revised down their earnings estimates for the coming period and do not expect Organigram to be profitable this year. This is in line with the company’s recent performance, which has not reported a profit in the last twelve months. However, it is worth noting that Organigram’s cash exceeds its short-term obligations, indicating some financial stability.
On the stock performance front, Organigram has seen significant price upside over the past six months with a return of 64.52% and a strong return over the past three months at 54.55%. However, the stock took a hit in the last week with a return of -11.11%. Investors should also note that Organigram does not pay dividends, which may be a factor to consider for those looking for regular income from their investments.
For those interested in more in-depth analysis, InvestingPro provides additional insights and metrics on Organigram Holdings Inc., which can be accessed at https://www.investing.com/pro/OGI. With this information, investors can make more informed decisions, especially when using the exclusive offer to get an additional 10% discount on a one-year or two-year Pro and Pro+ subscription with the coupon code PRONEWS24. There are 9 more InvestingPro tips to help guide your investing strategy.
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