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Cannabis Summary for Nov. 29, 2022

2022-11-29 20:32 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added a fraction to 43.23, while the CSE Composite Index added a fraction to 277.30. Canadian cannabis grower Organigram Inc. (OGI) added eight cents to $1.39 on 2.05 million shares, after releasing its fiscal results for the fiscal fourth quarter and year ended Aug. 31.

Chief executive officer Beena Goldenberg toasted the company's "record quarterly net revenue and positive adjusted EBITDA." Revenue for the fourth quarter reached $45.4-million, exceeding analysts' predictions of $43-million, while adjusted EBITDA of $3.2-million represented the company's third straight quarter with a positive number. Still stuck in negative territory is the overall bottom line. Net loss for the quarter came to $6.1-million, widening from $2.7-million in the third quarter (though narrowing from $25.9-million in the fourth quarter of last year).

Ms. Goldenberg also drew attention to Organigram's rising market share. "According to HiFyre [a third party data tracker], Organigram was the only top five LP [licensed producer] to grow market share in fiscal 2022," she boasted during a conference call this morning. HiFyre put Organigram in third place for market share during the quarter and bumped it up to No. 2 in October. Ms. Goldenberg gave much of the credit to Organigram's "No. 1 position in the flower category, which represents the largest portion of the adult recreational market."

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