04:42:35 EDT Fri 29 Mar 2024
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Cannabis Summary for June 20, 2019

2019-06-20 20:08 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index jumped 3.00 points to 677.38 Thursday. Organigram Holdings Inc. (OGI) rose 11 cents to $8.41 on 1.02 million shares. Organigram has shipped its first cannabis products to Quebec, which was the last remaining province in Canada to which Organigram had not shipped. Organigram did not specify how much revenue it expects from its Quebec supply agreement.

In the fiscal second quarter ended Feb. 28, 2019, Organigram lost $6.38-million on revenue of $33.5-million. The cannabis grower reduced its cost of cultivation to an average of 85 cents a gram of dried marijuana, which is down from an average of $1.48 a gram during the quarter ended Feb. 28, 2018. The company says the reduction in cost is a result of higher yields per plant. It did not give an update of how many grams per plant it was able to yield in fiscal Q2, but in fiscal Q1, it averaged a yield of 153 grams per plant.

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