Marijuana producer Organigram stock soars 30% as sales double

Organigram Holdings Inc. stock soared 30% during extended trading Tuesday, as the Canadian weed company reported fiscal first-quarter revenue that jumped two-fold, beating Wall Street estimates.

Net revenue rose to C$25.2 million ($19.3 million) from C$12.4 million a year ago, which beat the consensus estimate of C$21 million, according to analysts polled by FactSet. The previous year’s quarter, which also ended the last day of November, included just over a month of recreational cannabis sales, which began in Canada on Oct. 17, 2018.

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