Organigram Holdings Inc (TSX:OGI) (OTCQX:OGRMF) saw its net sales nearly double in its fourth quarter and more than double for its full fiscal year as the number of registered medical patients skyrocketed.
The adult-use recreational sales were not included in this quarter.
Shares of Organigram were down about 5% to US$3.49 by Thursday’s closing bell, but have yet to begin trading Friday.
The cannabis company reported earnings of $0.15 per share compared with a net loss of $0.02 per share in the previous quarter.
Quarterly net sales totaled $3.2 million, a 76% jump compared with the $1.8 million reported in the previous fourth quarter.
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"The importance of 2018 cannot be overstated for Organigram as well as the industry," said CEO Greg Engel in the company’s press release. "We are incredibly proud of our ability to meet the challenges of scaling our business in preparation for the adult recreational use market.”
The company more than doubled its net sales for the fiscal year, increasing 131% to $12.4 million, compared with $5.4 million a year ago.
The number of registered medical patients increased 112% to 15,730 in 2018, compared with 7,404 in 2017.
Organigram has biological assets of $19.9 million and inventories worth $45 million as of August. It highlighted these numbers to boast its ability to serve the budding medical and recreational markets.
Looking to fiscal 2019, the company said it expects its first-quarter sales to exceed full-year sales for 2018 despite the fact that the quarter only including some of the recreational sales.
The company sees its fiscal second-quarter sales exceeding the first quarter based on the purchase orders received to date.
Organigram has inked adult-use recreational supply deals or listing agreements with customers in nine out of the 10 Canadian provinces and shipped products to all nine. The remaining province of Quebec is a target for 2019.
Contact Lenore Fedow at [email protected]