Organigram Holdings, Inc. (OTCQX: OGRMF) Stock Price Breaches Major Resistance

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Organigram Holdings, Inc. (OTCQX: OGRMF) stock price has just breached its resistance level at $7, and the price currently continues on its way up, with 2.80% gains in the past 24 hours. The price has been on the rise ever since late December 2018, when it reached the bottom at $3, after dropping for months. However, as soon as the price reached this support level, it immediately started surging until it reached $5 in mid-January.

This level started acting as a strong resistance, but it was breached in late January, and the price continued to $6. This level stopped it again in the first days of February, and it actually caused a rejection, which sent the price down to the support at $5. However, as soon as it reached this support, it went up once again, this time breaking the barrier at $6, and finding the next one at $7. Now, this level has been the largest challenge yet, and the price has been struggling to breach it since early March. While it did so several times, it never managed to remain above $7 for long. At the time of writing, the price breached $7 yet again, and it currently sits at $7.09, with the growth remaining slow but steady.

Who is Organigram Holdings?

Organigram Holdings is a TSX Venture Exchange listed firm that owns Organigram Inc. It is one of a few licensed producers of medical marijuana in Canada, which is, by itself, more than enough for the company to see major success in the North American country.

Organigram focuses most of its efforts on producing the best, highest-quality, condition-specific medical marijuana. Its efforts have already delivered top-quality products to numerous patients within the country.

The company’s main facility is located in Moncton, New Brunswick, while the firm itself is entirely regulated and approved by the Marihuana for Medical Purposes Regulations.

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Organigram’s rapid progress

As mentioned, the company has seen massive stock increase in 2019. The price’s performance has mostly been consistent and positive, although there were instances when the price saw mild corrections, typically caused by strong resistance levels along its way.

The company’s stock price originally started dropping in mid-October, after the firm closed the sale of Trauma Healing Centres to harvest medicine. The firm also announced a definitive agreement to acquire 25% of alpha-cannabis Pharma GmbH. The price kept falling even after numerous other positive news, such as Organigram becoming an official cannabis supplier in the province of Saskatchewan.

The situation finally started changing in late December, and the progress continued throughout January, as Organigram continued to chart a course to launch of cannabis edibles. To do this, it partnered up with Canada’s Smartest Kitchen, mostly for the development of premium chocolate products. The increase led to a massive surge in revenue that went up by 287%, as estimated by the company.

Organigram also hit one million pre-rolls by the end of January, and it ranked among as the 4th best-performing OTCQX stock.

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Recently, the company started working on getting listed on Nasdaq and strengthening up its leadership team. It is clear that the company is advancing rapidly, and that it is only a matter of time before its stock price surges even higher. With that in mind, investing in it now would be a very profitable move. We will be updating on Organigram when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Organigram.

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Disclosure: we hold no position in Organigram either long or short and we have not been compensated for this article.

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