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by Stockwatch Business Reporter
The Canadian Securities Exchange Composite Index fell 5.19 points to 404.83 Tuesday, as the market gears up for third quarter results from a number of companies this week. Investors hoping for a rally in their battered cannabis stocks will be hoping that their old pets do indeed beat expectations. Things did not get off to a promising start yesterday after the market closed, when Organigram Holdings Inc. (OGI) reported that its fiscal fourth quarter (ended Aug. 31, 2019) net revenue would be about $16.3-million, down from $24.8-million in Q3. The company also said that it would have negative EBITDA for Q4, which would end a streak of four quarters with positive EBITDA. The cannabis grower said its problems in the fourth quarter were "exacerbated by increased industry supply," which of course will only get worse as licensed producers increase their growing capacities. As a result of the downgrade, Organigram sank 89 cents to a new 52-week low, $3.57, on 8.94 million shares today.
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