The head of Organigram Global Inc. says the Canadian cannabis company is looking for opportunities to expand its business to new markets after the firm beat revenue expectations in its second fiscal quarter.
“We have established ourselves as the market leader in Canada, and it’s now time to look at expansion globally,” Beena Goldenberg, Organigram’s CEO, told BNN Bloomberg in a Monday interview.
“Our focus is on international expansion, leveraging the strength we have in Canada as a branded leader.”
Goldenberg’s comments came after the company, formerly known as Organigram Holdings Inc., reported record second quarter gross and net revenue figures that were each up by more than 70 per cent year-over-year.
“Our record revenue this quarter reflects the strength of our brands and our ability to execute across both domestic and international markets,” she said in a company press release Monday.
Goldenberg pointed to the company’s recent acquisition of a U.S.-based hemp-derived beverage company, as well as increased export sales to international markets like Germany and the U.K., as examples of the company’s ability to penetrate new markets.
Organigram’s international revenue grew 177 per cent to $6.1 million year-over-year in the second quarter, the company said in its earnings report.
But despite the firm’s strong international ambitions, Goldenberg said most of Organigram’s business remains in Canada.
“The bulk of our business today is in Canada. We’re just getting into the U.S., of course we had to be compliant with regulations so we couldn’t get into cannabis itself, but the hemp-derived beverages opened this loophole for us to get it,” she said.
“We’re pretty excited about having some revenue that will come from the U.S., but the bulk of our business is still from Canadian revenue.”
