Cannabis company Organigram Global Inc. says the acquisition of a European medical cannabis company has helped drive it to record quarterly revenues and fundamentally reshaped the firm.
Organigram said the April purchase of German-based Sanity Group GmbH added about $38 million in net revenue during the three-month period that ended on June 30. Organigram was already an investor in the company and acquired all its remaining issued and outstanding shares for about 107-million euros (about C$173.7 million).
“Organigram today is a fundamentally different company than it was earlier this year,” CEO James Yamanaka said during a call with analysts Tuesday to discuss the company’s third-quarter financial results.
“We are larger in scale, broader in geographic reach, and better positioned for long-term profitable growth.”
Founded in New Brunswick in 2013, Organigram’s corporate offices are in Toronto with its flagship flower and ready-to-consume products facility located in Moncton, N.B. It produces hash and craft flower in Lac-Supérieur, Que.; edibles, including extracts, in Winnipeg; hydrocarbons and carbon dioxide for extracts and concentrates in Aylmer, Ont., and handles distribution from London, Ont.
