Marijuana company Organigram gets Nasdaq share-price warning

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The Nasdaq stock exchange has warned Canadian marijuana cultivator and manufacturer Organigram Holdings about its share price, which has fallen below Nasdaq’s $1 minimum bid price requirement for 30 days in a row.

Organigram has until July 24 to bring its share price into compliance, after which it could receive another 180-day extension before facing possible delisting.

The company’s Nasdaq-listed shares closed at 95 cents on Wednesday.

Organigram shares also trade as OGI on the Toronto Stock Exchange.

The New Brunswick-based company reported a profit of 5.3 million Canadian dollars ($4 million) for its most recent quarter.

Nasdaq share-price warnings aren’t uncommon for cannabis and ancillary companies listed on the U.S. exchange.

Marijuana industry software company Springbig Holdings is currently on the Nasdaq’s noncompliant list alongside online MJ platform Leafly and international cannabis cultivators Akanda Corp. and Clever Leaves Holdings.

Canada-based Hexo Corp. recently came back into compliance with the Nasdaq’s listing rules after a share consolidation.