Organigram loses $10.2M

Photo: The Canadian Press

Growing cannabis plants intended for the medical marijuana market are shown at OrganiGram in Moncton, N.B.

Organigram Holdings Inc. reported a loss of $10.2 million in its latest quarter compared with a profit of $2.8 million.

The cannabis producer says the loss amounted to nearly seven cents per share for the quarter ended May 31 compared with a profit of three cents per share in the same quarter a year ago.

Net revenue in what was the company's third quarter totalled $24.8 million, up from $3.4 million a year earlier before legal recreational cannabis sales began.

Revenue in the most recent quarter was down from the second quarter when Organigram reported net revenue of $26.9 million.

The decrease came as sales growth in Alberta and Atlantic Canada was offset by the timing of shipments to Quebec and a large number of orders in the second quarter shipped to Ontario in advance of the opening retail stores in that province.

The company says it sold approximately 3,926 kilograms of dried cannabis flower and approximately 5,090 litres of cannabis oil in its most recent quarter.