Organigram Global delivers $145.1 million third-quarter revenue

• The single biggest result was Organigram Global reporting $145.1 million in third-quarter gross revenue.
• The cannabis company recorded a 136% year-over-year increase in adjusted EBITDA to $13.4 million.
• Management stated the Sanity Group acquisition contributed approximately $40 million in net revenue.

Organigram Global (NASDAQ:OGI) reported $145.1 million in third-quarter gross revenue alongside a net income of $105.5 million.

This net revenue result represented a 49% increase from the $70.8 million generated during the same quarter last year.

The business generated $39.1 million in adjusted gross margin while overall operating expenses increased to $32.7 million.

Management expects annual revenue above $350 million, and following the announcement the Organigram Global share price was up at $1.43.

The Canadian cannabis producer recently acquired the Sanity Group to advance its European market entry into Poland and Switzerland.

The corporation ended the quarter with $11.7 million in total cash to support its ongoing international distribution expansion.