Organigram (NASDAQ:OGI) stock is heading higher today on the release of the cannabis company’s fiscal Q4 earnings report.
Let’s hash out the details from that earnings report below!
- Starting off the company’s earnings is net revenue of $24.9 million during the most recent quarter.
- That represents a 22% growth from Organigram’s Q3 2021 revenue.
- It’s also a 22% increase year-over-year for the company’s revenue in Q4.
- Organigram also notes that its market share for recreational cannabis reached 7% during its fiscal fourth quarter of the year.
- The company’s previous market share was sitting at 5.4% in Q3 2021.
- That increase has Organigram taking the #4 spot among licensed producers.
- To add to that, its market share is still growing with it reaching 7.9% in October.
Beena Goldenberg, CEO of Organigram, said the following in the earnings report.
“We are excited for what Fiscal 2022 holds for Organigram. Looking ahead, we expect to continue our momentum as we maintain our focus on increased points of distribution, bringing new, impactful and innovative products such as Edison Jolts, SHRED and SHRED’ems to market, and improve our ability to fulfill the growing demand for our products.”
Today’s news comes with heavy trading of OGI stock. As of this writing, more than 10 million shares of the stock are trading hands. That’s a jump from its daily average trading volume of about 6.7 million shares.
OGI stock is up 12.2% as of Tuesday afternoon.
Investors hungry for more stock market news today will want to keep reading!
InvestorPlace has all the latest news traders need to know about for Tuesday. That includes what’s happening with shares of Dick’s Sporting Goods (NYSE:DKS), XL Fleet (NYSE:XL), and Petros Pharmaceuticals (NASDAQ:PTPI) today. You can get all that info from the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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