OrganiGram Holdings Inc (NASDAQ:OGI) shares are trading higher by 8.72% at $1.62 during Tuesday's pre-market session after the company reported better-than-expected second-quarter sales results and said it expects third-quarter sales to be higher than second-quarter 2022.
OrganiGram reported quarterly sales of $31.80 million which beat the analyst consensus estimate of $25.79 million by 23.30%. This is a 176.83% increase over sales of $11.49 million in the same period last year.
OrganiGram sees third-quarter fiscal 2022 revenue greater than second-quarter fiscal 2022 largely due to ongoing sales momentum, stronger forecasted market growth, the company's expanded product line in multiple segments, greater capacity to meet demand at the Moncton Campus as well as increased throughput at the Winnipeg facility and the Laurentian acquisition.
OrganiGram Holdings is a Canada licensed producer of cannabis products. The company focuses on producing indoor-growth cannabis for patients and adult recreational consumers, as well as developing overseas business partnerships.
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OrganiGram has a 52-week high of $3.52 and a 52-week low of $1.27.
