Cannabis producer Organigram Holdings said its sales soared in the fourth quarter and for the year ended Aug. 31, rising to 45.5 million Canadian dollars ($33.5 million) and $145.8 million, respectively.
The improved sales mark significant growth for the New Brunswick-based company.
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Organigram’s net revenue rose 19% in the fourth quarter, from CA$38.1 million in sales in the third quarter, and its annual sales jumped 84% over the previous financial year’s CA$79.2 million.
However, the improved sales announced Monday in a news release weren’t enough to bring the company into the black.
Organigram lost CA$6.1 million in its final quarter of the year, bringing its annual loss to CA$14.3 million.
That marks a major improvement over the 2021 financial year, when Organigram lost CA$130.7 million.
On an adjusted EBITDA basis, Organigram reported positive CA$3.2 million in the fourth quarter and positive CA$3.5 million for the full
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