Organigram Holdings (TSX VENTURE: OGI) (OTCQB:OGRMF) announced this morning that the company has netted approximately $3.7M in revenue for its second quarter financials. This is company’s best quarter to date for one of the leading public cannabis companies in Canada.
Organigram Holdings holds a number of production licenses in Canada and is currently on pace to exceed cultivation of 36,000 kg/year to product dried herb and cannabis products. The company has also established 13,000 medicinal cannabis patients which is also a record high for the company.
Over Q2, Organigram Holdings closed two impressive financing deals. The first was an equity financing that raised a total of $57.5 million for the company. The second was a convertible debenture offering, which is a type of loan issued by a company that can then be converted to stock, with an unsecured 6% coupon with a conversion option at $5.42 a share. The company closed the offering with an aggregate gross proceeds of $115M.
Below is a breakdown of Organigrams finances:
At the end of the quarter the Company has:
- $178 million in cash and short-term investments (up from $34 million at the August 31, 2017 year-end);
- $70 million in property, plant and equipment (up from $45 million at year-end);
- $12 million in current liabilities (up from $6 million at year-end);
- $96 million in long-term debt and convertible debentures (up from $3 million at year-end);
- 125 million outstanding shares as at February 28, 2018 (104 million at year-end); and
- 140 million fully-diluted shares as at February 28, 2018 (114 million at year-end) – including 7.7 million options (Aug.31/17 – 6.3 million), 8.1 million warrants (Aug.31/17 – 4.3 million), and
- 21.2 million shares (Aug.31/17 – nil) if the convertible debentures are converted at $5.42.