You won't find many marijuana stocks hotter than Organigram Holdings (NASDAQOTH:OGRMF) is right now. Actually, among Canadian marijuana stocks, you'll only find one. Organigram ranks as the No. 2 best-performing Canadian marijuana stock of the year so far. 

With the stock close to doubling year to date, it's no wonder more investors are starting to pay attention to Organigram. If you're in that group, here are five things you should know about Organigram before buying the stock.

1. Solid capacity and low costs

Organigram doesn't match up with some of its larger rivals in production capacity. However, the company appears to be in pretty good shape. Organigram currently has an annualized production run rate of around 62,000 kilograms. By the fall of this year, it expects to have an annual production capacity of 113,000 kilograms.

While capacity is important to driving revenue, the costs to produce cannabis is key for driving profits. Organigram's cost per gram for the cultivation of dried flower is low -- only CA$0.74 (around US$0.55) in the last quarter. This low cost is a direct result of the company's industry-leading yield, with Organigram obtaining an average of 153 grams per plant harvested in its fiscal 2019 first quarter.

2. Well positioned in the Canadian adult-use recreational marijuana market

The big opportunity for Organigram right now is, of course, the Canadian adult-use recreational marijuana market. Organigram is well positioned for this market, with supply agreements in place with all 10 Canadian provinces. Although only half of the quarter in the company's latest financial update included adult-use sales, Organigram's revenue more than quintupled from the prior-year period to CA$12.4 million (US$9.3 million).

Organigram should benefit from even more growth with the anticipated launch of the cannabis edibles market in Canada later this year. The company has taken several steps to prepare for this market, including teaming up with Canada's Smartest Kitchen to develop premium chocolate products. 

3. Two major international deals

International medical cannabis and cannabidiol (CBD) markets are likely to soon be even bigger than the Canadian market. Organigram has two major partnerships that should help it capitalize on these international opportunities.

The company teamed up with Alpha-cannabis to target the German medical cannabis market. Alpha-cannabis distributes to more than 5,000 pharmacies throughout Germany. Organigram also inked a deal with Serbia-based Eviana to purchase up to 25% of its hemp-derived CBD oil. The company views this agreement as a key part of its strategy to serve the broader European CBD market. 

4. An intriguing partnership

Organigram also has another intriguing partnership. The company invested in small biotech Hyasynth, which developed a process for producing cannabinoids using genetically engineered yeast strains. This approach could enable creating pure cannabinoids, including CBD, at a fraction of the cost of extraction from cannabis plants. 

Organigram and Hyasynth aren't the only partners hoping to succeed with what could be a disruptive technology, though. Cronos Group is collaborating with Ginkgo Bioworks on a similar approach.

5. Relatively attractive valuation

By most metrics, Organigram wouldn't be considered as a bargain stock. The company's market cap currently stands at $906 million, but Organigram's sales over the past 12 months were less than US$20 million. However, compared to most other Canadian marijuana stocks, Organigram is practically a steal.

Organigram's enterprise value is 22 times its expected EBITDA in 2019. The average for seven of its largest peers is an enterprise value-to-EBITDA multiple of 226. 

Is Organigram a buy?

Conservative investors probably won't see Organigram as a good fit for their portfolios. Organigram has very high growth expectations baked into its share price. Anything that interferes with achieving those growth expectations could wreak havoc on Organigram stock.

However, aggressive investors with a long-term perspective will probably like Organigram. The company appears to be in solid shape to compete in Canada and has its foot in the door in Europe. Organigram's valuation looks much more attractive than most of its peers. This high-flying marijuana stock could keep on flying high for a while.