Organigram Reports Postive Cash Flow and Update on Recent Events
Organigram Holdings Inc. (TSX VENTURE:OGI) (OTCQB:OGRMF) (the "Company") is pleased to report the financial results for the quarter ending November 30, 2016. The Company continues to generate positive cash flow and significant year over year growth in sales of both dried flower and cannabis oils. The company is also providing an update regarding its recent voluntary recall of cannabis products, the current quantified impact to the financial statements, and some of the immediate and voluntary corrective actions and operating policies that Organigram has implemented.
Selected highlights from the quarter include the following:
| Q1 - 2017 | Operating Metric | Q1-2016 |
| 260,291 | Grams Sold (Dried Bud) | 142,790 |
| $2,230,671 | Net Sales | $1,029,376 |
| 65% | Gross Margin % (excluding FV adjustment) 1 | 55% |
| ($755,547) | Net Profit | ($201,211) |
| $272,839 | Adjusted EBITDA2 (excluding FV adjustment) | ($62,072) |
| $510,015 | Cash Flow3 | $25,844 |
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