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Cannabis Summary for April 14, 2020

2020-04-14 20:11 ET - Market Summary

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by Stockwatch Business Reporter

Amidst a broad market gain, the S&P/TSX Cannabis Index rose 3.5 points to 130.21 Tuesday, while the Canadian Securities Exchange Composite Index gained 4.53 points to 277.42. Greg Engel's Organigram Holdings Inc. (OGI) fell 29 cents to $2.22 on 7.65 million shares after releasing its fiscal second quarter results for the three months ended Feb. 29, 2020. The company's net revenue slipped to $23.2-million in fiscal Q2 from $25.1-million in Q1. Perhaps more concerning for investors, though, was the jump in Organigram's expenses. Its selling, general and administrative (SG&A) expenses were $14-million in Q2, or 60 per cent of net revenue. That is up dramatically from Q1 SG&A expenses of $9.4-million, or 37 per cent of net revenue. Its gross margin, once a strong point for the company, also became significantly worse from Q1 to Q2. Increased expenses resulted in Organigram losing $6.8-million in Q2, compared with a loss of $863,000 in Q1.

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