Organigram Reports 16% YoY Revenue Drop But Kicks Off Year ‘With A Bang,’ Says CEO On Hundreds Of Millions In Tobacco Giant BAT Investment

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Cannabis producer Organigram Holdings Inc. (NASDAQ:OGI) (TSX:OGI) announced its first quarter financial results on Tuesday for the three months ended Dec. 31, 2023.

The Toronto-based company reported a 16% year-over-year decrease in net revenue to CA$36.5 million ($27.1 million), attributing it to a reduction in international revenue and medical sales.

In November, the company announced a CA$124.6 million follow-on strategic equity investment from BT DE Investments Inc., a wholly-owned subsidiary of tobacco giant British American Tobacco p.l.c (NYSE:BTI). In January 2024, Organigram shareholders voted to approve the investment from BAT and the company completed the first of three tranches of the investment for proceeds of …

Full story available on Benzinga.com


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