Organigram (NASDAQ:OGI) stock is rising higher on Tuesday after the Canadian cannabis company released its most recent earnings report.
The big news here is the company reporting C$41.06 million in revenue for its fiscal third quarter of the year. That’s better than the C$39.24 million Wall Street was expecting. It’s also a 25% improvement year-over-year from C$32.8 million.
According to Organigram, the jump in revenue for the quarter is mainly due to increased recreational cannabis sales. This comes as the company continues to expand its supply agreements for international sales.
Organigram CEO Beena Goldenberg said the following in the earnings report.
“We are pleased to report a strong third quarter, highlighted by a 25% year-over-year increase in net revenue, and a significant improvement in adjusted EBITDA. Our strategic investments and partnerships, both domestically and internationally, have positioned us for growth and diversification, particularly in the European market with our investment in Sanity Group.”
What This Means for OGI Stock
Investors are celebrating the positive earnings report from Organigram today. That brings with it heavy trading as more than 2.4 million shares have changed hands as of this writing. This is well above its daily average trading volume of about 695,000 shares.
OGI stock is up 25.4% as of Tuesday afternoon
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
