Canadian cannabis company Organigram Inc. /zigman2/quotes/209289540/lastsale OGI +0.88% said Tuesday it had a net loss of C$89.9 million ($66.6 million), or 51 cents a share, in its fiscal third quarter to May 31, wider than the net loss of C$10.2 million, or 7 cents a share, posted in the year-earlier period. Revenue net of excise taxes fell to C$18.0 million from C$24.8 million. The FactSet consensus was for a loss per share of 4 cents and revenue of C$22.4 million. Moncton, New Brunswick-based Organigram said it raised C$17.9 million in proceeds in an at-the-market offering at quarter-end and drew the remaining C$30 million on its existing term loan. The company cut 25% of its workforce, or 220 employees, in June to better align with the needs of the business and market conditions during the pandemic. The company said it prioritized the safety of its staff during the pandemic: "This prioritization led to a significantly reduced workforce which contributed to a number of product launch delays, including our initial large format value offering, which affected opportunities to potentially capture significant market share and sales in dried flower, the largest product segment of the recreational market," the company said in a statement. "Since then, we have launched a number of new products and line extensions with more to come." The company said it wrote off unsellable inventories worth C$19.3 million in the quarter. The company is now expecting to launch a new core strain with higher potency THC in the fourth quarter and to roll out other line extensions. Shares rose 1.3% premarket, but have fallen 38% in the year to date, while the Cannabis ETF /zigman2/quotes/213173823/composite THCX -1.76% has fallen 19% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.12% has gained 0.7%.