OrganiGram Holdings Inc. (NASDAQ:OGI) Q2 2021 Earnings Conference Call April 13, 2021 8:00 AM ET Company Participants Amy Schwalm - Vice President, Investor Relations Greg Engel - Chief Executive Officer Derrick West - Chief Financial Officer Conference Call Participants Andrew Partheniou - Stifel David Kideckel - ATB Capital Markets Tamy Chen - BMO John Zamparo - CIBC Madeleine Stone - Oppenheimer Aaron Grey - Alliance Global Partners Graeme Kindler - Eight Capital Rahul Sarugaser - Raymond James Douglas M ...

ORGANIGRAM Q2 FISCAL 2021 RESULTS APRIL 13, 2021 NASDAQ (OGI) TSX (OGI) CORGANIGRAM CAUTIONARY STATEMENT This document is current as of April 13, 2021, except where otherwise stated. The information contained in this presentation is provided by Organigram ("OGI" or the "Company") for informational purposes only and does not constitute an offer to issue or arrange to issue, or the solicitation of an offer to issue, securities of OGI or other financial products. No part of this presentation shall form the bas ...

Financial Data and Key Metrics Changes - In Q1 2021, Canadian adult use recreational net revenue grew 30% to CAD 16.8 million from CAD 12.9 million in the prior year quarter, while gross recreational revenue grew 42% to CAD 22.5 million from CAD 15.9 million [42] - Total net revenue for Q1 2021 was CAD 19.3 million, down from CAD 25.2 million in the prior-year quarter, primarily due to lower wholesale revenue and a lower average selling price [43] - The net loss for Q1 2021 was CAD 34.3 million or CAD 0.17 per share, compared to a net loss of CAD 0.9 million or CAD 0.01 per share in the prior-year quarter [48] Business Line Data and Key Metrics Changes - The company launched 53 new SKUs since July, with 14 more expected to launch before the end of February [10] - Sales of the SHRED product significantly contributed to growth in recreational revenue in Q1, becoming the most searched brand on the Ontario cannabis store website for November and December [21] - The Edison flower portfolio is focused on higher margin products, with new strains launched that have THC ranges of 20% to 26% [12] Market Data and Key Metrics Changes - The Canadian recreational cannabis market is estimated at CAD 3.2 billion, with a significant driver being the increase in the number of retail stores, particularly in Ontario [50] - The number of cannabis retail stores in Ontario grew by approximately 47% to 1,414 stores as of early January 2021 [51] - The recreational cannabis beverage market in Canada represents a potential CAD 467 million opportunity, with a significant majority of consumers preferring to add cannabis to their beverages [27] Company Strategy and Development Direction - The company is focused on revitalizing its product portfolio and has plans to introduce new products under the Edison brand [8] - There is an emphasis on higher margin products and scaling up cultivation and staffing to meet increased demand [32] - The company is exploring opportunities in the U.S. market, particularly in CBD, but has not yet found suitable partners [86] Management's Comments on Operating Environment and Future Outlook - Management acknowledged potential dampening of industry demand due to COVID-19 lockdowns affecting retail sales in Ontario [34] - The company is optimistic about future growth opportunities as it ramps up staffing and production to meet market demand [32] - Management highlighted the importance of maintaining inventory levels to avoid being delisted from retail listings [103] Other Important Information - The company ended the quarter with CAD 134 million in cash and short-term investments, and after paying down a term loan, had a pro forma cash balance of CAD 79 million [39] - The company is investing in automation to drive cost efficiencies and reduce reliance on manual labor [37] - The introduction of a new pre-roll machine is expected to significantly reduce labor costs and increase production efficiency [94] Q&A Session Summary Question: Comments on gross margin profile and product mix - Management indicated that dried flower makes up the greatest proportion of revenue, with a shift towards higher margin Edison products expected to improve gross margins over time [64] Question: Seasonality effects in December - Management noted good responses to seasonal offerings but observed lower revenue in disposable vape pens due to COVID-19 impacts [72] Question: Unabsorbed costs and production utilization - Unabsorbed overhead fixed costs were CAD 2.7 million due to operating at approximately 40% capacity, with expectations for improvement as staffing increases [77] Question: Balance sheet and capitalization levels - Management expressed comfort with the balance sheet, highlighting CAD 79 million in cash and short-term investments after debt repayment [107] Question: Gross margin recovery expectations - Management indicated that achieving previous gross margin levels would depend on reaching higher net cannabis revenue, potentially around CAD 25 million [108]

OrganiGram Holdings Inc. (NASDAQ:OGI) Q4 2020 Earnings Conference Call November 30, 2020 8:00 AM ET Company Participants Amy Schwalm - Investor Relations Greg Engel - Chief Executive Officer Derrick West - Chief Financial Officer Paolo de Luca - Chief Strategy Officer Conference Call Participants Aaron Grey - Alliance Global Partners David Kideckel - ATB Capital Markets. Andrew Partheniou - Stifel Nicolaus Canada Inc. Adam Buckham - Scotiabank, Inc. Graeme Kreindler - Eight Capital Rupesh Parikh - Oppenheim ...

OrganiGram Holdings Inc. (NASDAQ:OGI) Q3 2020 Earnings Conference Call July 21, 2020 8:00 AM ET Company Participants | --- | |----------------------------------------| | | | Amy Schwalm - Investor Relations | | Greg Engel - Chief Executive Officer | | Derrick West - Chief Financial Officer | | Paolo de Luca - Chief Strategy Officer | | Conference Call Participants | | Aaron Grey - Alliance Global Partners | | Andrew Partheniou - Stifel GMP | | Tamy Chen - BMO Capital Markets | | Adam Buckham - Scotiabank | ...

OGI Q3 FISCAL 2020 RESULTS JULY 21, 2020 OGI INVESTORS' PRESENTATION | NASDAQ (OGI) TSX (OGI) LORGANIGRAM Cautionary Statement 2 This document is current as of July 17, 2020, except where otherwise stated. The information contained in this presentation is provided by Organigram ("OGI" or the "Company") for informational purposes only and does not constitute an offer to issue or arrange to issue, or the solicitation of an offer to issue, securities of OGI or other financial products. No part of this presenta ...

Financial Data and Key Metrics Changes - Q2 2020 net revenue was $23.2 million, down from $26.9 million in the prior year quarter, primarily due to decreased adult-use recreational sales volumes and lower average net selling prices [51][52] - Adjusted EBITDA was negative $1.1 million in Q2, compared to positive adjusted EBITDA in Q1, driven by higher costs related to sales and marketing efforts [57] - The net loss for Q2 was $6.8 million or $0.041 per share, compared to a net loss of $6.4 million or $0.049 per share in Q2 2019 [57] Business Line Data and Key Metrics Changes - Adult-use recreational revenue increased by 16% sequentially, driven by the launch of Rec 2.0 products, while total revenue decreased due to lower wholesale revenue [11][51] - Rec 1.0 products accounted for approximately 52% of net revenue, while new 2.0 products, including chocolates and vapes, represented 13% [14] - Wholesale revenue from other large Canadian LPs was 24%, with Canadian medical sales at 10% and international sales at 1% [14] Market Data and Key Metrics Changes - The adult-use recreational market remains the core business and significant growth opportunity, with new strains being introduced across Canada [12] - The company has seen an uptick in sales in March, with strong online sales and click-and-collect options available [36][102] - The market is experiencing price compression for Rec 1.0 products, but the average net selling price remained above $5 per gram [18][80] Company Strategy and Development Direction - The company aims to diversify revenue streams and expand its product mix, focusing on Rec 2.0 products and maintaining strong relationships with suppliers and retailers [15][61] - The company is committed to disciplined capital allocation to generate sustainable value for shareholders [61] - The focus is on high-quality products and leveraging automation to meet demand while managing costs effectively [61][110] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating uncertain times due to COVID-19, emphasizing employee health and business continuity [22][30] - The company is monitoring consumer behavior changes and adapting to increased online demand and click-and-collect options [36][108] - Management believes that cannabis demand remains strong, even during economic downturns, as consumers shift spending from higher-ticket items [38][102] Other Important Information - The company ended the quarter with $41 million in cash and short-term investments, with $30 million undrawn on the term loan [45][46] - The company reported a one-time charge of approximately $0.6 million due to temporary layoffs [26] - The company has maintained an experienced workforce capable of adapting to production demands despite reduced staffing levels [27] Q&A Session Summary Question: Will the company re-hire temporarily laid-off workers after COVID-19? - Management intends to bring back employees as market conditions improve, but the timing will depend on market recovery [65] Question: Why were Rec 1.0 sales flat despite increased store counts in Ontario? - The company was still drawing down on inventory placed in Ontario in Q1, which affected sales [67] Question: How has the cost profile changed with workforce reduction and Phase 5 licensing? - The company is moving towards more automated systems, and while labor cost savings will be realized, the impact on production levels is still being assessed [72][73] Question: What is the outlook for gross margins moving forward? - The adjusted gross margin for Q2 was 32%, with expectations for potential improvements as the company scales production [78] Question: How is the company responding to pricing pressures in the market? - The company has maintained an average selling price above $5 and believes that current pricing pressures are not sustainable for competitors [80][82] Question: What are the current ordering patterns from provinces? - There has been a shift to more frequent orders, but demand remains strong, especially for leading strains and Rec 2.0 products [88] Question: What is the cash flow expectation moving forward? - The company has sufficient liquidity with $41 million in cash and plans to slow down capital expenditures, providing a stable cash position for the upcoming quarters [99][100]

| --- | --- | --- | |-------|---------------------------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | OGI Q1 FISCAL 2020 RESULTS January 14, 2020 | | | | NASDAQ (OGI) TSX (OGI) | | | | OGI INVESTORS' PRESENTATION \| | | Cautionary Statement This document is current as of January 12, 2020, except where otherwise stated. The information contained in this presentation is provided by Organigram ("OGI" or the "Company") for informational purposes only and does not constitute an offer to ...

Financial Data and Key Metrics Changes - Net revenue for Q1 2020 was $25.2 million, more than doubling from the prior year quarter [35] - Adjusted EBITDA returned to positive at $4.9 million, representing 19% of net revenue [39] - Cost of cultivation per gram decreased to $0.87, with cash component at $0.61, down from $0.94 and $0.66 respectively in Q4 2019 [9][36] - Gross margin before fair value changes was $9.3 million, or 37% of net revenue [37] Business Line Data and Key Metrics Changes - Revenue from the adult-use recreational market was $12.9 million, with $2.7 million from the medical market and $9.5 million from wholesale and international markets [35] - The company has seen strong sales traction for its vape products, with reorders from provinces [46] Market Data and Key Metrics Changes - The company noted that recreational cannabis sales are highly correlated with the number of retail stores, particularly in Ontario, which is expected to see significant growth in store openings [22] - Alberta has a robust retail network with approximately 375 stores, leading to higher spending on cannabis products compared to Ontario [24] Company Strategy and Development Direction - The company is focused on expanding its product offerings in the Rec 2.0 market, including chocolates and vape products, with plans to introduce new strains [21][14] - The company is strategically delaying the completion of Phase 4C to better align with consumer demand and manage cash allocation [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in the cannabis market, particularly with the opening of new retail stores [22] - The company believes it is well-capitalized and positioned to navigate financial distress in the industry, focusing on cost control and prudent spending [26] Other Important Information - The company received licensing approval for its chocolate production line and plans to introduce cannabis-infused chocolate products by the end of March [12] - The company has established an at-the-market equity program to enhance financial flexibility, raising approximately $22.4 million to date [33] Q&A Session Summary Question: What product categories are performing better in the Rec 2.0 market? - Management noted strong demand for vape products and pre-orders for edibles, indicating positive consumer response [46] Question: How does the competitive environment look with cash-strapped competitors? - Management acknowledged price drops from competitors but emphasized their low cost of cultivation and quality product as differentiators [48] Question: What is the outlook for wholesale revenues? - Management indicated continued demand for wholesale products, with a focus on diversifying revenue streams [54] Question: How is the market share trending by region? - Management reported growing market share in most provinces, with a strong position in Alberta and Nova Scotia [59] Question: What is the expectation for operating expenses moving forward? - Management expects operating expenses to decline as a percentage of revenue but did not provide specific dollar growth expectations [82]

Financial Data and Key Metrics Changes - For fiscal year 2019, net revenue grew 547% to $80.4 million, with Q4 net revenue of $16.3 million [31][40] - Adjusted EBITDA for the year was positive at $19.9 million, representing 25% of net revenue, compared to a negative adjusted EBITDA of $1 million in 2018 [40][42] - Q4 2019 reported a net loss of $22.5 million, or negative $0.14 per share, compared to net income of $18.1 million, or $0.15 per share in Q4 2018 [42] Business Line Data and Key Metrics Changes - Q4 2019 revenue comprised $13.4 million from recreational sales and $2.4 million from medical sales [31] - The company experienced a provision for product returns and pricing adjustments amounting to $3.7 million in Q4 2019 [31][66] - The adjusted gross margin for the full fiscal year 2019 was $37.9 million, or 47% of net revenue, compared to $5.6 million, or 45% in 2018 [35] Market Data and Key Metrics Changes - The company estimates a market share of approximately 10% in the Canadian adult-use recreational cannabis market [8][10] - The growth in recreational cannabis sales is highly correlated with the availability of retail stores, particularly in Ontario and Québec, which represent about 60% of Canada's population [10][12] - The company has seen steady growth in orders from Québec since starting shipments in Q4 2019 [12] Company Strategy and Development Direction - The company focuses on building brand equity, product research and development, and leading cultivation practices to produce high-quality products at low costs [9] - The strategy includes a pivot towards higher demand strains and the launch of Rec 2.0 products, such as vape pens and edibles [26][30] - The company has paused construction on Phase 4C to manage cash flows effectively until there is more clarity on retail expansion [21] Management's Comments on Operating Environment and Future Outlook - Management believes they have the capital and cost structure to withstand short-term challenges and expects significant growth from new retail store openings and Rec 2.0 product launches [10][14] - Early indications for Q1 2020 suggest improvement in net revenue and adjusted gross margin compared to Q4 2019 [14][38] - Management remains optimistic about the company's ability to adapt to consumer preferences and market demands [15] Other Important Information - The company has a total license target production capacity of 76,000 kilos per year, with plans for additional capacity [20] - The estimated total capital cost for Phase 5 expansion is now expected to be between $60 million to $65 million, up from previous estimates [25] - The company has sufficient liquidity with approximately $48 million in cash and short-term investments at year-end [46] Q&A Session Summary Question: Comments on production pivot and adjustments - Management indicated that they have been shifting towards higher demand strains and are starting to see results from this repositioning [54][55] Question: Improvement in rec sales despite limited store openings - Management noted that growth is being driven by increased sales in provinces like Québec and Alberta, despite slow store openings in Ontario [56][57] Question: Free cash flow expectations and CapEx requirements - Management provided details on expected CapEx for 2020, indicating a total of $74 million required for ongoing projects [63] Question: Thoughts on gross margins and pricing pressures - Management acknowledged pricing pressures in the market but emphasized their focus on high-quality products to maintain margins [70][71] Question: Update on product returns and market inventory - Management reported that half of the $3.7 million provision for returns has already come back, with the remaining product still in the market [75] Question: Managing rollout of derivative products - Management highlighted the importance of consumer demand in guiding product flow and emphasized their focus on ensuring product differentiation [77][79] Question: Forecasting orders from Ontario's next set of stores - Management indicated uncertainty regarding OCS's future orders but noted a shift towards a more demand-driven distribution strategy [81][82]