Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot
Economics
With the Southeast Asian nation moving to recriminalize the drug after just three years, the mountainous communities that grow it are bracing for real pain.
When Thailand became the first Southeast Asian nation to decriminalize cannabis, in 2022, it ignited a 'green rush,' swiftly reshaping the economic landscape and challenging long-held cultural norms. Dispensaries proliferated in urban centers such as Bangkok, ballooning to more than 10,000 across the country. But the agricultural communities in the lush northern countryside are perhaps benefiting the most from the burgeoning industry—assuming the government doesn't shut the whole thing down.
In the mountains of northern Thailand, which are blessed with an ideal climate and fertile soil, generations of Hmong and other ethnic minorities have long tended the land, preserving an intimate knowledge of indigenous plants and sustainable cultivation practices. Historically these communities were linked to illicit opium cultivation, before they shifted to more wholesome crops including corn, tea and vegetables starting in the late 1960s.
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TORONTO--(BUSINESS WIRE)--Aug 13, 2025-- Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI), (the 'Company' or 'Organigram'), Canada's #1 cannabis company by market share 1, is pleased to announce its record results for the third quarter ended June 30, 2025 ('Q3 Fiscal 2025' or 'Q3'). Q3 FISCAL 2025 HIGHLIGHTS 'In Q3, we delivered our second consecutive quarter of record revenue driven by the acquisition of Motif, Collective Project, and a further optimization of our product and brand portfolio,' said Beena Goldenberg, CEO of Organigram. 'With our strong Canadian market leadership now in place, we are committed to bringing our Canadian successes, underpinned by innovation and a commitment to quality, to international markets. We have grown our export business, expanded into the US, and are set to launch new brands internationally, all building towards our ambition of becoming a truly global cannabis player.' THIRD QUARTER FISCAL 2025 FINANCIAL OVERVIEW 'In Q3 we delivered solid revenue and adjusted EBITDA growth sequentially and year-over-year while making significant progress toward the full integration of our recent acquisitions,' said Greg Guyatt, CFO of Organigram. 'As our business continues to scale domestically and abroad, and the realization of cost synergies related to our Motif acquisition begin to positively impact future earnings, we are confident in our trajectory toward sustained profitability and free cash flow in the near-term.' CANADIAN RECREATIONAL MARKET INTRODUCTIONS As Canada's market leader in recreational cannabis, Organigram remains committed to delivering consumer focused innovations and products to its customers. Some notable recent highlights include: INTERNATIONAL SALES BALANCE SHEET & LIQUIDITY The following table reconciles the Company's adjusted EBITDA to net loss. The following table reconciles the Company's adjusted gross margin to gross margin before fair value changes to biological assets and inventories sold: The following table reconciles the Company's Free Cash Flow to net cash and restricted cash provided by (used in) operating activities: Third Quarter Fiscal 2025 Conference Call The Company will host a conference call to discuss its results with details as follows: Date: August 13, 2025 Time: 8:00 am Eastern Time To register for the conference call, please use this link: To ensure you are connected for the full call, we suggest registering a day in advance or at minimum 10 minutes before the start of the call. After registering, a confirmation will be sent through email, including dial in details and unique conference call codes for entry. Registration is open through the live call. To access the webcast: A replay of the webcast will be available within 24 hours after the conclusion of the call at and will be archived for a period of 90 days following the call. Non-IFRS Financial Measures This news release refers to certain financial performance measures (including adjusted gross margin, adjusted gross margin %, adjusted EBITDA and Free Cash Flow) that are not defined by and do not have a standardized meaning under IFRS as issued by the International Accounting Standards Board. Non-IFRS financial measures are used by management to assess the financial and operational performance of the Company. The Company believes that these non-IFRS financial measures, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company's operating results, underlying performance and prospects in a similar manner to the Company's management. As there are no standardized methods of calculating these non-IFRS measures, the Company's approaches may differ from those used by others, and accordingly, the use of these measures may not be directly comparable. Accordingly, these non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Adjusted EBITDA is a non-IFRS measure that the Company defines as net income (loss) before: net of financing costs; income tax expense (recovery); depreciation, amortization, impairment, normalization of depreciation add-back due to changes in depreciable assets resulting from impairment charges, (gain) loss on disposal of property, plant and equipment (per the consolidated statement of cash flows); share-based compensation (per the consolidated statement of cash flows); share of loss (gain) from investments in associates including impairment loss; change in fair value of contingent consideration; change in fair value of derivative liabilities, other financial assets and preferred shares; expenditures incurred in connection with research and development ('R&D') activities (net of depreciation); unrealized gain on changes in fair value of biological assets; realized fair value on inventories sold and other inventory charges; provisions and net realizable value adjustments related to inventory and biological assets; government subsidies, insurance recoveries and other non-operating expenses (income); legal provisions (recoveries); incremental fair value component of inventories sold from acquisitions; ERP implementation costs; transaction costs; share issuance costs; and provision for expected credit losses . Adjusted EBITDA is intended to provide a proxy for the Company's operating cash flow and derive expectations of future financial performance for the Company, and excludes adjustments that are not reflective of current operating results. Adjusted gross margin is a non-IFRS measure that the Company defines as net revenue less cost of sales, before the effects of (i) unrealized gain on changes in fair value of biological assets; (ii) realized fair value on inventories sold and other inventory charges; (iii) provisions and impairment of inventories and biological assets; and (iv) provisions to net realizable value. Adjusted gross margin % is calculated by dividing adjusted gross margin by net revenue. 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The most directly comparable measure to adjusted gross margin calculated in accordance with IFRS is gross margin before fair value changes to biological assets and inventories sold and beginning on page 5 of this press release is a reconciliation to such measure. The most directly comparable measure to Free Cash Flow is net cash and restricted cash provided by (used in) operating activities, and beginning on page 5 of this press release is a reconciliation to such measure. About Organigram Global Inc. Organigram Global Inc. is a NASDAQ Global Select Market and TSX listed company whose wholly-owned subsidiaries include Organigram Inc., a licensed cultivator or cannabis and manufacturer of cannabis-derived goods in Canada. Through its recent acquisition of Collective Project, Organigram Global participates in the U.S. and Canadian cannabinoid beverages markets. 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These and other risk factors are disclosed in the Company's documents filed from time to time under the Company's issuer profile on the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval+ ('SEDAR') at and reports and other information filed with or furnished to the United States Securities and Exchange Commission ('SEC') from time to time on the SEC's Electronic Document Gathering and Retrieval System ('EDGAR') at including the Company's most recent management discussion and analysis ('MD&A') and annual information form. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward looking information is subject to risks and uncertainties that are addressed in the 'Risk Factors' section of the MD&A dated August 12, 2025 and there can be no assurance whatsoever that these events will occur. This news release contains information concerning our industry and the markets in which we operate, including our market position and market share, which is based on information from independent third-party sources. Although we believe these sources to be generally reliable, market and industry data is inherently imprecise, subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process, and other limitations and uncertainties inherent in any statistical survey or data collection process. We have not independently verified any third-party information contained herein. View source version on CONTACT: For Investor Relations enquiries, please contact:Max Schwartz, Director of Investor Relations [email protected] Media enquiries, please contact:Megan McCrae, Senior Vice President, Global Brands and Corporate Affairs [email protected] KEYWORD: NORTH AMERICA CANADA INDUSTRY KEYWORD: HEMP CANNABIS NATURAL RESOURCES SOURCE: Organigram Global Inc. Copyright Business Wire 2025. PUB: 08/13/2025 06:00 AM/DISC: 08/13/2025 06:00 AM
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