Why Organigram Shares Are Crashing Today

Organigram Holdings OGI shares are trading lower after the company reported Q2 financial results

What to Know: On Tuesday after market close, Organigram reported its financial results for the period ended Feb. 28, 2023. The company also provided guidance for the full-year 2023.

The Details: Organigram reported a loss of $0.018 compared to the analyst estimate of a loss of $0.01. The company reported quarterly sales of $29.29 million compared to the analyst estimate of $32.2 million.

Additionally, the company provided guidance for 2023, expecting growth in Q3 2023 compared to the same period last year and the previous. Organigram expects gross margins in excess of 30%.

“In the quarter, we continued to see aggressive pricing pressure in our markets, "While this impacted revenue in the quarter, we are confident that our branding and marketing expertise, proven track record of innovation and operational efficiency will deliver long-term success," remarked Beena Goldenberg, CEO of Organigram. 

OrganiGram Holdings Inc is engaged in producing indoor-grown cannabis for patients and adult recreational consumers in Canada.

According to data from Benzinga Pro, Organigram shares were down 14.3%, trading at $0.59 at the time of publication. The stock has a 52-week high of $1.82 and a 52-week low of $0.59.