On a day when some marijuana stocks shot to the moon, shares of OrganiGram Holdings (NASDAQ:OGI) rose modestly. While peer stocks closed Tuesday higher in the double-digit percentages, OrganiGram "only" increased by 7% and change.
Like its fellow pot purveyors, OrganiGram stands to benefit from an apparently accelerated timetable for Congress to introduce and enact marijuana reform legislation.
While some of its peers could potentially reach across the border to directly sell tons of product here, OrganiGram is a comparatively small operator based in eastern Canada.
The company also announced Tuesday that Senior Vice President of Operations Matt Rogers is departing at the end of May.
In addition to being an important manager at OrganiGram, Rogers was one of its first employees. OrganiGram wrote that his "insights and creativity have been instrumental" to its efforts.
The departure of a valued and clearly experienced executive is less than ideal. This is particularly true in the marijuana sector, where seasoned management remains in short supply (to be fair, the licensed cannabis business is only a few years old).
OrganiGram hasn't named a direct replacement for Rogers, but it did mention that before his departure, he'll work closely with newly appointed Plant Manager Nathalie Batten. Hopefully, he will impart most of his knowledge on his way out the door.