| Organigram Holdings Inc. is pleased to announce its first quarter results for fiscal 2019. The Company’s fiscal first quarter encompasses operations up to and including November 30, 2018 and as a result, includes the impact on revenue of adult-use recreational cannabis for part of the quarter, which was legalized on October 17, 2018. “The first quarter of 2019 is just the start of what we expect to be a year of tremendous growth,” said Greg Engel, the Company’s Chief Executive Officer. “We’ve always believed the Moncton campus would be a competitive advantage for us being able to produce high-quality indoor-grown product at low cash cost of cultivation. Our first quarter results confirmed that as we reported an adjusted gross margin of 71%.” The Company’s net revenue for the quarter was limited by post-harvest (extraction, packaging, excising and labeling) capabilities which it aggressively looks to augment and gain greater efficiencies on. “While we continue to work hard to take advantage of our enviable inventory build to drive increased sales we are already well underway preparing for the derivative and edibles launch during the fall of 2019,” remarked Engel. |