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Organigram Reports 16% YoY Revenue Drop But Kicks Off Year ‘With A Bang,’ Says CEO On Hundreds Of Millions In Tobacco Giant BAT Investment

By Jelena Martinovic
February 13, 11:45 AM
Canadian cannabis producer Organigram reported a 16% decrease in net revenue for Q1 2024 due to a reduction in international revenue and medical sales. The company announced in November that it had received a CA$124.6m ($93m) strategic equity investment from BT DE Investments, a subsidiary of tobacco company British American Tobacco. Organigram shareholders approved the investment in January, and the company completed the first tranche of the investment for $41.5m. CEO Beena Goldenberg said the investment had removed a significant amount of risk from Organigram's business and enhanced its competitive advantages. The investment allows the cannabis producer to utilize its facilities, research and development capabilities, and market leadership to expand its reach within the Canadian market and beyond. Organigram's Q1 financial highlights included a drop in gross margin, an increase in selling and administrative expenses, a net loss of CA$15.8m, and positive adjusted EBITDA of CA$135,000.

BTI

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Why British American Tobacco Shares Are Surging Today

By Lekha Gupta
February 8, 10:40 AM
British American Tobacco (NYSE: BTI) posts resilient FY24 results with a 3.1% organic revenue growth, led by a 21.0% surge in New Categories revenue. Despite a 1.3% revenue dip, strategic pricing and strong performance in Non-Combustibles drive profitability. BTI anticipates low-single-digit organic revenue growth in FY24 amid global tobacco industry volume decline. CEO Tadeu Marroco emphasizes strategic investments to fortify the U.S. business and aims for 3%-5% organic revenue growth by 2026.

BTI