Anyone who is currently looking into cannabis stocks could do well to take a look at the Organigram Holdings Inc (NASDAQ:OGI) stock, which ended up with gains of as much as 10% on Thursday.
Trading Data
On Thursday, OGI stock soared 10% to $1.67 with more than 10.19 million shares, compared to its average volume of 4.83 million shares. The stock moved within a range of $1.4979 – 1.6800 after opening trading at $1.53.
Organigram Provides Corporate Update and Announces New Product Launches
The company is actually the parent company of the company Organigram Inc, which is currently one of the major producers of cannabis. Yesterday Organigram Holdings came into focus after it provided a key corporate update. It may now be a good idea for investors to take a look at the update and then make their minds up about the stock one way or another.
The company announced that it had been able to generate significant growth with regards to market share in the Canadian market. At this point in time, Organigram holds the third position in case of market share in Canada and it managed to hold on to the position among Canadian producers for two months straight.
As far as the dried flower space is concerned, Organigram remains number 1 and it ought to be noted in this regard that the dried flower space makes up as much as 50% of the entire market. It now remains to be seen if the stock can manage to add to its gains.
Key Quote
“The growth and progress we have made in a relatively short time are a testament to the great brands and products we are putting into the market, which clearly continue to resonate with consumers,” said Beena Goldenberg, CEO of Organigram. “Additionally, we continue to reap the benefits of the strategic acquisitions of our edibles facility and the recently acquired Laurentian, which both support the strong market share growth we see today,” she concluded.
Technical Data
OGI stock is trading above the 20-Day and 50-Day Moving averages of $1.49 and $1.50 respectively. However, the stock is trading below the 200-Day moving average of $2.16.
