Canadian cannabis producer Organigram Holdings swung to profitability during the first quarter of its 2023 fiscal year with net income of 5.3 million Canadian dollars ($4 million) despite a quarter-over-quarter decline in revenue.
Net revenue for the quarter ended Nov. 30, 2022, was CA$43.3 million, a decrease of 4.7% from the previous quarter and an increase of 43% compared to the same quarter last year, according to a news release.
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Organigram claimed a No. 3 position in the regulated Canadian adult-use marijuana market, with a leading market share in pre-milled cannabis flower and a third-place market share in gummies and hashish.
The company’s overall gross margin for the quarter was CA$23.9 million, improving from CA$14.2 million in the previous quarter.
CEO Beena Goldenberg said in a statement that Organigram achieved “the lowest cost of cultivation in the history of the company.”
“We maintained our market position
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