OrganiGram Holdings Inc (OGI)

[Hunchbackgeek]

July/21/2020 Organigram Reports Third Quarter Fiscal 2020 Results......

~Net revenue of $18.0 million compared to $24.8 million in Q3 2019

~Generated positive cash flow from operations of $8.5 million as a result of monetization and optimization of working capital and ended the quarter with cash and short-term investments of $44.8 million

~Subsequent to quarter-end, raised $17.9 million in gross proceeds to complete the at-the-market (“ATM”) equity program and drew remaining $30 million on its existing term loan with only modest remaining expansion capex of $4 million as at quarter-end based on current plans

~Launched Organigram’s first value offering of dried flower in a large size format of 28g into the fast-growing value segment of the adult-use recreational market

~Secured the Company’s largest international deal to date in June 2020 to supply one of Israel’s largest and most established medical cannabis producers, Canndoc Ltd., with up to 6,000kg of dried flower in a multi-year agreement

~Reduced the Company’s workforce by ~25% or ~220 employees in June 2020 in order to better align with the needs of the business and prevailing market conditions

July 21, 2020 06:00 AM Eastern Daylight Time

MONCTON, New Brunswick--(BUSINESS WIRE)--Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent company of Organigram Inc. (together, the “Company” or “Organigram”), a leading licensed producer of cannabis, is pleased to announce its results for the third quarter ended May 31, 2020 (“Q3” or “Q3 2020”). https://investors.organigram.ca/press-releases/organigram-reports-third-quarter-fiscal-2020-results

$OGI