MONCTON, N.B. — Shares in Organigram Holdings Inc. fell in early trading after the cannabis company said its fourth-quarter net revenue is expected to be lower than what the company saw in its third quarter.
The cannabis producer’s shares were down 56 cents or nearly 13 per cent at $3.90 on the Toronto Stock Exchange after going as low at $3.66 in initial trading.
Organigram says it expects net revenue for the quarter ended Aug. 31 to amount to $16.3 million, including $20.0 million of shipments in the quarter and about $3.7 million in provisions for product returns and pricing adjustments.
That compared with net revenue of $24.8 million in the third quarter.
Net revenue for the company’s full financial year is expected to be $80.4 million.
Organigram is expected to report its full results for its financial year on Nov. 25.
This report by The Canadian Press was first published Nov. 12, 2019.
Companies in this story: (TSX:OGI)
The Canadian Press