Growing cannabis plants intended for the medical marijuana market are shown at Organigram in Moncton, N.B., on April 14, 2016. THE CANADIAN PRESS/Ron WardRon Ward/The Canadian Press
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.
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.