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Organigram Global
(TSX:OGI)
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Rating:61Neutral
Price Target:
C$2.00
▲(12.99% Upside)
Action:Reiterated
Date:08/17/26
The score reflects improving growth and a low-debt balance sheet, plus supportive technical momentum and upbeat FY2026 guidance. Offsetting these positives are weak underlying operating profitability (negative gross and operating margins) and ongoing cash burn/negative free cash flow (including management’s expectation of full-year negative FCF), which materially raise execution and funding-risk considerations.
Positive Factors
International diversification
The Sanity acquisition has materially expanded Organigram’s international exposure and established a European distribution platform. This reduces reliance on Canada and creates a broader foundation for regulated-market growth, assuming integration remains effective.
Negative Factors
Persistent cash burn
The company is not yet funding itself from operations, and integration-related working-capital investment is extending the cash deficit. Continued burn could increase reliance on liquidity facilities or external funding if expected operating improvements are delayed.
Read all positive and negative factors
Positive Factors
Negative Factors
International diversification
The Sanity acquisition has materially expanded Organigram’s international exposure and established a European distribution platform. This reduces reliance on Canada and creates a broader foundation for regulated-market growth, assuming integration remains effective.
Read all positive factors
Organigram Global (OGI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$224.20M
Dividend YieldN/A
Average Volume (3M)198.15K
Price to Earnings (P/E)2.5
Beta (1Y)1.70
Revenue Growth38.14%
EPS Growth2030.00%
CountryCA
Employees1,139
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)0.64
Shares Outstanding141,006,500
10 Day Avg. Volume112,077
30 Day Avg. Volume198,149
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)1.03
Price to Sales (P/S)1.39
P/FCF Ratio-14.61
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$3.13Price Target Upside76.55% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.12
Revenue Forecast (FY)C$336.20M
Organigram Global Business Overview & Revenue Model
Company Description
Organigram Global Inc. engages in the production and sale of cannabis and cannabis-derived products in Canada. It offers medical cannabis products, including whole flower, milled flower, pre-rolls, infused pre-rolls, vapes, beverages, gummies, and...
How the Company Makes Money
Organigram Global primarily makes money by selling regulated cannabis products, with revenue largely tied to: (1) Adult-use recreational cannabis sales in Canada: The company sells finished cannabis products (e.g., dried flower, pre-rolls, inhalab...
Organigram Global Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Dec 22, 2026
Earnings Call Sentiment Positive
The call communicated strong operational and financial momentum driven largely by the Sanity acquisition: record revenue, margin expansion, record adjusted EBITDA, and meaningful international diversification. Operational improvements in cultivation and category share gains in Canada reinforce the positive narrative. Key risks include negative free cash flow driven by working capital build, pending EU-GMP certification and tight EU-GMP supply into Germany, earlier vape/pre-roll quality issues in Canada, and U.S. regulatory uncertainty. Net income was materially boosted by non-cash fair value gains, so underlying cash generation and integration-related working capital remain focal concerns. On balance, the positive financial results, strategic diversification, and improving margin trajectory outweigh the liquidity and regulatory challenges discussed.Positive Updates
Record Quarterly Revenue and Accretive Acquisition
Net revenue of $105.8M, up 49% YoY from $70.8M. Contribution from Sanity Group: ~EUR 24.5M since acquisition (≈CAD $40M) and EUR 25.5M for the full quarter, in line with acquisition expectations.
Negative Updates
Negative Free Cash Flow and Working Capital Build
Free cash flow outflow of $3.9M for the quarter vs inflow of $5.0M prior year. Cash used in operating activities was $4.3M vs cash provided of $14.6M prior year, largely due to working capital investments (inventory build to address German demand and timing of sales). Company expects negative free cash flow for the full fiscal year.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Quarterly Revenue and Accretive Acquisition
Net revenue of $105.8M, up 49% YoY from $70.8M. Contribution from Sanity Group: ~EUR 24.5M since acquisition (≈CAD $40M) and EUR 25.5M for the full quarter, in line with acquisition expectations.
Read all positive updates
Company Guidance
Management guided full‑year fiscal 2026 revenue to exceed $350 million, with adjusted gross margin and adjusted EBITDA expected to meaningfully exceed fiscal 2025 levels; they reiterated Sanity is expected to average ~EUR 25 million of quarterly revenue (Sanity delivered EUR 24.5M since April 15 and EUR 25.5M for the full quarter), international sales now constitute ~35% of consolidated revenue (vs ~10% pre‑acquisition), and they expect Q4 to outperform Q3. They cautioned that working‑capital investments tied to the Sanity integration will result in negative free cash flow for the full year (Q3 free cash flow was an outflow of $3.9M) but forecast positive free cash flow in Q4; Q3 results underpinning the outlook included record net revenue of $105.8M, adjusted gross margin of 37% (+300 bps YoY, +600 bps QoQ), record adjusted EBITDA of $13.4M, cash & equivalents of $11.7M and total liquidity of $49.2M. Management also noted Sanity margins are in line with expectations, Germany demand remains strong with minimal price compression, and that achieving EU‑GMP would meaningfully improve margins going forward.Organigram Global Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
78
Positive
Cash Flow
32
Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Aug 2022 | Aug 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 309.18M | 259.18M | 159.84M | 149.21M | 145.81M | 79.16M |
| Gross Profit | -17.53M | 9.51M | 47.52M | 35.07M | 31.57M | -28.40M |
| EBITDA | -45.10M | -20.55M | -23.59M | -207.62M | 10.96M | -95.59M |
| Net Income | 86.62M | -24.76M | -45.44M | -229.48M | -14.28M | -130.70M |
Balance Sheet | ||||||
| Total Assets | 820.26M | 562.21M | 407.86M | 298.45M | 577.11M | 554.02M |
| Cash, Cash Equivalents and Short-Term Investments | 11.67M | 84.42M | 107.57M | 33.86M | 98.91M | 183.84M |
| Total Debt | 31.45M | 8.75M | 4.46M | 4.72M | 3.36M | 4.96M |
| Total Liabilities | 334.80M | 213.08M | 101.87M | 26.83M | 69.05M | 74.21M |
| Stockholders Equity | 485.46M | 349.13M | 305.99M | 271.62M | 508.06M | 479.81M |
Cash Flow | ||||||
| Free Cash Flow | -29.06M | -24.64M | -1.47M | -62.70M | -84.99M | -40.92M |
| Operating Cash Flow | -27.93M | -7.59M | 3.87M | -35.80M | -36.21M | -28.59M |
| Investing Cash Flow | -130.20M | -82.67M | -38.77M | 1.35M | 44.03M | -115.11M |
| Financing Cash Flow | 83.66M | 39.33M | 107.78M | -817.00K | 5.33M | 174.46M |
Organigram Global Technical Analysis
Negative
1.77
Price Trends
1.48
Positive
1.57
Positive
1.85
Negative
Market Momentum
0.04
Positive
49.35
Neutral
10.65
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:OGI, the sentiment is Negative. The current price of 1.77 is above the 20-day moving average (MA) of 1.68, above the 50-day MA of 1.48, and below the 200-day MA of 1.85, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 49.35 is Neutral, neither overbought nor oversold. The STOCH value of 10.65 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:OGI.
Organigram Global Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | C$1.66B | 17.32 | 6.46% | ― | 36.21% | 264.71% | |
76 Outperform | C$2.34B | 14.19 | 6.82% | ― | 3.81% | 344.13% | |
61 Neutral | C$224.20M | 2.47 | 21.99% | ― | 38.14% | 2030.00% | |
58 Neutral | C$353.39M | -2.83 | -21.00% | ― | -18.93% | -472.15% | |
53 Neutral | C$606.55M | -2.02 | -29.85% | ― | 6.81% | 85.26% | |
53 Neutral | C$3.63B | -72.30 | -4.47% | ― | 1.50% | 81.84% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
TSE:OGI
Organigram Global
1.59
-0.68
-29.96%
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TSE:GTII
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Organigram Global Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Organigram Posts Record Q3 2026 Results on Sanity Group-Driven Global Expansion
Positive
Aug 11, 2026
Organigram reported record third-quarter fiscal 2026 results, driven largely by its recent acquisition of Sanity Group, with gross revenue rising 32% year over year to $145.1 million and net revenue climbing 49% to $105.8 million. Adjusted EBITDA ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.