OrganiGram Holdings Inc (NASDAQ:OGI) reported a drop of 29% YoY in revenues to $19.292 million in Q2 2021. Its loss widened to $66.389 million.
The company’s revenues declined in Q2 2021 because of reduced average selling price and lower wholesale revenues. It is also on the backdrop of missed opportunities to realize sales, and many of its employees tested COVID-19 positive.
It could not fulfill the demand for products totaling $7 million because of manufacturing and processing constraints in Q2 2021.
Unveils three innovative Edison Indica strains
OrganiGram introduced three Edison Indica strains such as Ice Cream Cake, Black Cherry Punch, and Slurricane in December 2020. It plans to unveil more high THC strains in Q3 2021 under the Edison brand.
In late March 2021, the company launched Slurricane Strains, Ice Cream Cake, and Black Cherry Punch in 0.5g pre-rolls. Its first strain – Skyway Kush, provides 20 to 23% of THC.
Activities in Q1 2021 and beyond
OrganiGram expanded its product line with the addition of high quality, affordable, and high potency flower – SHRED in Q1 2021. Under the SHRED, the company offers three pre-milled varieties with 18% of THC. The company derived the SHRED from the whole flower.
OrganiGram’s cannabis blended chocolates comprise Edison Bytes truffles and Trailblazer SNAX. The company unveiled milk chocolates in Q2 2021. It will add additional Edison Bytes products soon.
In Q3 2021, OrganiGram will introduce higher THC vape products that comprise 1g Edison cartridge and Edison + Feather disposable vape pen at affordable rates.
OrganiGram will continue to focus on R & R&D. Its R&D Lab at Winnipeg-based facility, and the research license of EIC will complement its focus on innovative product development.
As per the terms of the deal with BAT, OrganiGram establishes the Center of Excellence at its Moncton facility to develop next-generation cannabis products. Both BAT and OrganiGram will have access to each other’s IP.
OrganiGram expected to report higher revenues in Q3 2021 compared to Q2 2021 by adding additional staff.
Given increased coronavirus positive cases, the company shut down its Moncton facility for deep cleaning. The company could not fulfill certain demands because of reduced manpower.