Organigram Holdings Inc. /zigman2/quotes/209289540/composite OGI +3.70% posted a net loss of C$2.8 million ($2.1 million) for its fiscal third quarter to May 31, narrower than the loss of C$4.0 million posted in the year-earlier period. The Canadian cannabis company did not offer a per-share number. Revenue net of excise taxes rose to C$38.1 million from C$20.3 million a year ago, ahead of the FactSet consensus of C$33.7 million. The company said the revenue number was a company record and that it expects to surpass it in the fourth quarter. It highlighted its Shred brand, which includes milled flower and its Jar of Joints, alongside gummies, as well as its new Edison Jolts, live resin vapes, Tremblant hash and Monjour soft chews in the wellness sector as products that drove sales. The company is now expecting its full-year revenue growth to benefit from shipments to Canndoc in Israel and Cannatrek and Medcan in Australia and believes it will be better able to meet demand in fiscal 2023, thanks to larger harvests. Shares were up 0.9% premarket, but have fallen 38% in the year to date, while the Cannabis ETF /zigman2/quotes/213173823/composite THCX +0.63% has fallen 55.5% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.39% has fallen 20%.
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