Organigram Global

OGI.TO

Drug Manufacturers - Specialty & Generic · Healthcare

Price

C$1.25

+0.02 (+1.63%)

Market Cap

C$170.6M

Exchange

Toronto Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+99.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 64.0M (2021) → 127.7M (2025)

OrganiGram Holdings is a Canadian cannabis company that grows, produces, and sells marijuana and cannabis-derived products. Its main products include dried flower, pre-rolls, edibles, and vapes, sold to adult recreational consumers across Canada through provincial government distributors. The company operates large indoor growing facilities in New Brunswick and is one of the larger licensed cannabis producers in Canada.

OrganiGram makes money by selling cannabis products wholesale to provincial boards, which then distribute them to retail stores. It operates almost entirely in Canada, though it has explored international opportunities in markets like the UK and Australia. The company faces a tough competitive environment — the Canadian cannabis market is crowded, prices have fallen sharply since legalization, and OrganiGram's negative gross margin shows it currently costs more to produce cannabis than it earns selling it. The key challenge ahead is cutting production costs and growing market share enough to reach consistent profitability before its cash reserves run thin.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-8.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-102.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$11M/ year

→ Flat (-2% vs prior year)

4.2% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

33.6%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~2 years

$54M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$54M cash & investments at current burn rate

Revenue declining

Organigram Global's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

-15.1%

Thin — -15.1% gross margin

Operating Margin

-55.3%

Losing money on operations — -55.3%

ROCE

-8.9%

Weak — -8.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+47.8%

Fast-growing sales (47.8% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-9.7%

Burning cash (-9.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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