Canadian cannabis producer Organigram reported a loss of 248.6 million Canadian dollars ($185 million) in the 2023 fiscal year, postponed its free cash flow guidance and appointed a permanent chief financial officer.
The Toronto-based company also reported paying a massive excise bill for the fiscal year ended Sept. 30 to Canada’s federal government amounting to CA$72 million.
That’s just under one-third of Organigram’s revenue for the year.
ADVERTISEMENT
The industry has been trying to convince the federal government to ease up on its tax burden, but so far to no avail.
Organigram said the cannabis sector remains saddled by a high excise tax regime and, in some cases, restrictive regulations.
“The company, which is current on all its excise tax remittances, is aware of other LPs (licensed producers) who are in arrears, which is effectively acting as a source of alternative financing as taxes are collected from provincial
Read full article on Marijuana Business Daily
