Why This Organigram Analyst Says It's A Good Time To Buy Cannabis Stock

Cannabis company Organigram Holdings Inc. (NASDAQ:OGI) (TSX:OGI) posted second-quarter earnings last week, with gross revenue dropping 29% year-over-year to around CA$19.3 million ($15.4 million).

Net revenue for the period also went down from CA$23.2 million to CA$14.6 million.

The Organigram Analyst

Cantor Fitzgerald’s Pablo Zuanic maintained an Overweight rating on Organigram and raised the price target from CA$6 to CA$6.15.  

The Organigram Takeaways

The cannabis company's second-quarter results were worse than projected, with the COVID-19 pandemic affecting trends at the point of sale and adult-use sales being affected by capacity constraints Zuanic said in a Wednesday note.

While Aphria Inc. (TSX:APHA) (NASDAQ:APHA) adult-use sales before taxes dropped 17% to roughly CA$60 million …

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