By Jack Taylor for CNN • Updated 22nd April 2019
Organigram Holdings has reported sales for its fourth quarter ended on January 31 increased more than 22% compared to the same period in 2017.
“2018 was a year of incredible growth for Organigram,” said Christopher Luby, president and CEO of the company, in a statement Sunday.
The Toronto-based cannabis company noted it sold 25,968 kilograms of cannabis in the quarter, which was a new quarterly record for the company.
The company also reported a net loss for the fourth quarter of $7.7 million, down from a net loss of $7.9 million for the same period in 2017.
According to the company, revenue in the quarter was $34.6 million, up from $27.5 million in the year prior.
Organigram said revenue for the full-year 2018 increased to $90.9 million from $48.5 million in 2017.
The company notes in the earnings release that growth came from the expansion of its product lines and geographic coverage.
“Looking forward, we remain bullish on the potential for legalization in Canada as well as the ongoing progress in the United States and our entry into Germany in 2019,” Luby said.
Cannabis industry minister: Legalization will lead to a ‘big boom’
In December, the Canadian Parliament decided to legalize cannabis entirely for recreational use.
That came days after a White House report that President Donald Trump is reconsidering marijuana policy, in light of a research and medical marijuana industry boom.
In an interview with CNN last week, Canada’s Cannabis, Truth and Justice minister Leona Aglukkaq confirmed that the new legalage drug is a priority.