Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) (the “Company” or “Organigram”), the parent company of Organigram Inc., a leading licensed producer of cannabis, provided a corporate update today.
Market Share Momentum
Organigram believes that market share continues to be an important indication of success for a licensed producer (“LP”) as sell through to end consumers is a strong predictor of long-term sustainable revenue.
The Company continues its impressive market share growth trajectory in Canada, moving from a 3.9% market share position in January 2021 to a 7.7% national market share position in September 2021, securing the #4 position among Canadian LPs. (source: HyFire, Sept 2021)
“Our industry-leading market share growth really highlights the continued momentum that Organigram is experiencing in the market.” said Beena Goldenberg, CEO of Organigram. “The strong demand for our products speaks to the fact that consumers are responding favourably to the great brands, products, and innovations that we continue to deliver on a regular basis.”
Derivative Products
In April 2021, the Company acquired The Edibles and Infusions Corporation (“EIC”) with the goal of broadening its product assortment and expanding its manufacturing footprint into Western Canada. EIC’s purpose-built, highly automated facility was an important acquisition to ensure that Organigram is consistently at the forefront of cannabis product development. The integration of EIC will continue to provide our consumers access to innovative cannabis products while leveraging Organigram’s national sales and distribution network. Within four months of the acquisition, the Company developed, produced, and shipped three new high-quality soft chew SKUs under the SHRED’ems brand, and will be shipping four additional SKUs in the month of November, which have already received strong buy in from most provinces.
“The speed at which the integration of EIC took place, and the impressive market results of the inaugural launches out of EIC demonstrates how rapidly accretive this acquisition was to Organigram.” said Goldenberg.
The Company also launched Edison Jolts lozenges in Q4 2021, a first to market product developed to meet the needs of potency seekers looking for a convenient format. Since its launch in August, Jolts has already reached the #1 position in the ingestible extracts category. (source: HiFyre, Sept. 2021)
Canndoc Shipments Resume
Organigram is pleased to announce that, following the receipt of the required import and export permits, it has resumed shipping to Canndoc Ltd. (“Canndoc”) in Q1 Fiscal 2022. The Company’s most recent shipment to Canndoc included several of Organigram’s new genetic offerings, all popular genetics recently launched in the Canadian market. The Company is pleased that Canndoc’s patients in Israel will now have access to these popular new cultivars from Organigram.
Yukon
Organigram is pleased to announce that it has signed a supply agreement with the Yukon Liquor Corporation and is planning to commence shipments in the coming months. The addition of the Yukon further expands the geographic reach of the Company which now includes all 10 Canadian provinces, and one territory.
Board Member Update
Organigram wishes to provide an update on the composition of its Board of Directors. Jeyan Heper, a board member nominee from BAT, has resigned from the Board of Directors of the Company effective October 31, 2021. BAT has informed Organigram that it expects to appoint a replacement nominee in due course.
