Organigram Holdings Inc. (TSX VENTURE: OGI) (OTCQB: OGRMF), a medical cannabis cultivation and distribution company out of New Brunswick, Canada has announced its Q3 sales for 2018. Within the three month period the company was able to produce $3.7 million dollars in sales. This total surpasses what Organigram was capable of selling in the entire fiscal year of 2017.
Organigram has made a number of strategic moves during this period. In May, Organigram received its “License for Controlled Drugs and Substances” from Health Canada and its “Permit to Export Cannabis” license. This lead to the company’s first international export of medicinal cannabis to Australia in July.
Within the third quarter the company recorded the sale of 303,428 grams of dried cannabis flower, 768,400 milliliters of cannabis oil, and had accomplished rising its registered medical patient list to a company best of 15,316.
Organigram’s assets at the end of Q3 is as follows:
- $156 million in cash and short-term investments (up from $34 million at the August 31, 2017 year-end);
- $26.9 million in combined biological assets and inventories (up from $5.4 million at year-end);
- $83 million in property, plant and equipment (up from $45 million at year-end);
- $9 million in current liabilities (up from $6 million at year-end);
- $98 million in long-term debt and convertible debentures (up from $3 million at year-end)