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by Stockwatch Business Reporter
The Canadian Securities Exchange Composite Index fell 9.78 points to 411.24 Monday. Canadian cannabis producer Organigram Inc. (OGI) fell 11 cents to $3.39 on 4.65 million shares after releasing its results for its fiscal year ending Aug. 31, 2019. A few weeks ago, Organigram warned that its net revenue in fiscal Q4 would decrease sharply from $24.8-million in fiscal Q3. The cannabis producer had net revenue of $16.2-million in fiscal Q4, a decline that Organigram said was "exacerbated by increased industry supply." The $16.2-million in revenue was reduced from $20-million by price adjustments and product returns. The returns and adjustments were mostly from the Ontario Cannabis Store, which had been unable to sell Organigram's low-THC marijuana and THC oil. Despite the quarter-to-quarter decrease in revenue, Organigram increased its sales, marketing, and general and administrative spending to $13.9-million in Q4, up from $9.1-million in Q3.
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