MONCTON, New Brunswick, Jan. 29, 2016 /Weed Wire/ — OrganiGram Holdings Inc. (TSX VENTURE:OGI) (OTCQB:OGRMF) is pleased to announce its financial results for the three months ended November 30, 2015. All amounts are expressed in Canadian dollars, unless otherwise stated.
Revenue for the three months ended November 30, 2015 was $1,029,376, representing a 52% increase over the previous quarter’s revenue and resulting in a Gross profit of $640,834 or 62%. The net loss for the three months ended November 30, 2015 was $347,490.
The adjusted EBITDA for the second quarter was a positive $102,699, compared to an adjusted EBITDA loss of $92,380 in the fourth quarter of the prior fiscal year.
“I am extremely pleased with the financial results for our first quarter. Not only did we exceed our internal expectations but we achieved our goal of positive cash flow from operations” said Roger Rogers, President & CFO.
The EBITDA and adjusted EBITDA are non-GAAP measures, which are explained in Management’s Discussion & Analysis, a copy of which has been filed today under the Company’s profile on www.sedar.com.
We also would like to take this opportunity to announce that Mrs. Monique Imbeault has recently joined our Board of Directors. She is currently Chief Executive Officer of General Financial Corporation Ltd. (“GFC”), a holding company with a diverse portfolio of investments. Prior to joining GFC, she was Counsel with Mclnnes Cooper. Mrs. Imbeault is a past and current board member of various public and private companies, has completed the Rotman School of Management’s the Director Education Program and has received her ICD.D designation granted by the Institute of Corporate Directors.
In conjunction with Mrs. Imbeault appointment, she has been granted 40,000 stock options at a price of $0.86.
As a progressive company, OGI is continuously seeking ways to improve productivity and product excellence. In this vein, we would also like to announce that Mr. Steve Abboud has joined OGI. He is an expert grower who has consulted for various MMPR (Marijuana for Medical Purposes Regulations) companies and applicants. Not only is he a Horticulturist with experience growing a variety of plants, he has worked at the patient level and understands the therapeutic values of medical cannabis. These two attributes have made Steve instrumental in our path forward.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a TSX Venture Exchange listed company who’s wholly owned subsidiary, Organigram Inc., is a licensed producer of medical marijuana in Canada. Organigram is focused on producing the highest quality, condition specific medical marijuana for patients in Canada. Organigram’s facility is located in Moncton, New Brunswick and the Company is regulated by the Marihuana for Medical Purposes Regulations.
On behalf of the board of directors,
Denis Arsenault, Director and CEO, OrganiGram Holdings Inc.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds, the results of financing efforts, crop yields – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Director of Investor and Media Relations
OrganiGram Holdings Inc.