Organigram shares dive nearly 20% after warning Q4 revenue would miss Q3 levels

MONCTON, N.B. — Shares in Organigram Holdings Inc. were hit hard Tuesday 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 closed down 89 cents or 19.96 per cent at $3.57 on the Toronto Stock Exchange.

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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)

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