Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) gave investors a corporate update mostly centered on the company’s products. Organigram didn’t provide any financial numbers but did remind investors that its new fiscal year began on October 1, 2023, and will end on September 30, 2024. The company said it would announce its full-year fiscal 2023 earnings in December 2023.
“Organigram is committed to maintaining its focus on being a consumer-centric and disciplined cannabis company. The success we are experiencing in these categories is a testament to our approach to investing, by making strategically sound acquisitions that are complementary to our core flower business, enabling us to capitalize on the new, growing segments in Canadian cannabis and focusing our efforts on winning in that segment,” said Beena Goldenberg, CEO of Organigram.
Organigram stated that market share gains were its focus and that its share had improved with an assist from the company’s pre-roll business. Gummies and hash were also leading categories.
The company said in a statement that it had achieved the #1 market share position in hash globally as of November 2022 driven by innovative product launches on Tremblant, Holy Mountain, and SHRED, including yet another first-to-market innovation, the ultra-convenient and flavourful Rip-Strips. Organigram said it has also secured the number one market share position in gummies for the last two months, August and September.
With regard to the pre-roll business, Organigram noted that it fired up its high-speed pre-roll tube-style machine in June, enabling it to enter the growing tube-style pre-roll joint segment with its popular SHRED and Holy Mountain brands. “This investment in automated pre-roll technology has helped Organigram secure the #2 position in the category,” said the company in its statement.
Organigram told the market that it and BAT (British American Tabacco) continue to work together through Product Development Collaboration to develop new technologies in the edible, vape, and beverage categories in addition to new disruptive inhalation formats aimed at addressing the biggest consumer pain points that exist in the category today.
The statement said, “Organigram is preparing to deliver new products in these spaces and the immediate launch priority includes gummies which will feature a new nano-emulsion technology, scheduled to begin commercialization in the first half of 2024.”
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