American stock exchange Nasdaq has forewarned Organigram Holdings, a marijuana cultivation and manufacturing company based in New Brunswick, Canada, regarding its share price.
The marijuana company’s share price has dropped below the Nasdaq Stock Market’s bid price requirement, which is $1 minimum, for already 30 straight days. On January 25, 2023, the Nasdaq-listed shares of Organigram Holdings closed at $0.95 or, more explicitly, 95 cents.
According to Nasdaq, Organigram’s deadline to lead its share price to compliance is July 24, 2023. Once the deadline has passed, Organigram could get another extension of 180 days before it faces a likely delisting from the U.S. stock exchange.
In addition, Organigram Holdings’ shares trade on the Toronto Stock Exchange as OGI. Organigram has reported a roughly 5.3-million Canadian-dollar net income for the first quarter (Q1) of its fiscal year 2023.
As a result, Organigram has claimed a “Number 3” ranking within the regulated market of adult-use marijuana, with predominant and third-place market shares in pre-milled cannabis flowers and gummies, respectively.
Share-price warnings are typical for cannabis companies and ancillary businesses listed on the Nasdaq stock exchange, as with the case between the said U.S. exchange and Organigram.
Meanwhile, Nasdaq has published a non-compliant list that includes cannabis industry software corporation Springbig Holdings, online marijuana platform Leafly, and global marijuana cultivators Clever Leaves Holdings and Akanda Corporation.
Canada-based company Hexo Corporation, following a share consolidation, has recently returned to compliance with the American stock exchange’s listing rules.