Is OrganiGram Stock a Buy?
The Canadian pot market has seen some successes amid the coronavirus pandemic, including that sales have risen steadily in recent months. Statistics Canada reports that cannabis stores recorded sales of 244.9 million Canadian dollars in August. That's up more than 61% from February's tally of CA$151.9 million, right before COVID-19 started pushing people to stock up on supplies -- including marijuana.
This year is also the first full year that cannabis 2.0 products, including edibles, concentrates and topicals, have been available in Canada. One company that's been laser-focused on that new segment of the market is OrganiGram Holdings (NASDAQ: OGI). Although it hasn't been having a great year, down 24% while the Horizons Marijuana Life Sciences ETF (OTC: HMLSF) has fallen just 10%, there's still a lot of potential for the New Brunswick-based business to grow with its cannabis 2.0 products. Let's take a closer look at whether you should consider buying OrganiGram at its current price.
Image source: Getty Images.
Source Fool.com
