Cannabis company OrganiGram Holdings (NASDAQ: OGI) took a tumble on the market. In the wake of the Canadian company’s release of its latest quarterly results, it closed Tuesday nearly 11% lower.
Marijuana stock investors are starving for encouraging signs of growth and current/potential profitability in their companies. With OrganiGram’s first quarter of fiscal 2021 figures, unfortunately, they didn’t get any.
For the quarter, the company’s net revenue totaled just under 19.3 million Canadian dollars ($15.1 million), which was 23% down on a year-over-year basis and 5% below that of the previous quarter. Net loss, meanwhile, was CA$34.3 million ($26.9 million) against the year-ago shortfall of CA$863,000 ($676,000) and narrower than Q4 2020’s deficit of CA$38.6 million ($30.2 million).