We published our Organigram Stock Price Target of $40 when Organigram Holdings (OGI.V) was trading at 8.5 USD. Not only is Organigram breaking out to all-time highs today, it also is attempting to break above its 3-year triangle formation. This may be huge news provided this breakout holds. Benefit to the bulls because the cannabis stock market leader (WEED.TO) Canopy Growth Says The Cannabis Stock Market Sector Wants To Go Higher. If the market wants to realize our bullish cannabis stock forecast you better don’t stand in its way.
The majority of cannabis stocks was trading higher when we published our Organigram forecast 2 months ago. Even though the cannabis sector holds our top spot in our shortlist of potential TOP investing opportunities there are lots of smaller cannabis stocks that do not deliver sufficient value.
Not so with Organigram Holdings which is building a track record of phenomenal news. The most important news is their recent earnings release in which they showed strong production cost effectiveness. Marketwatch writes: “Its ‘all-in’ cost of cultivation came to 85 cents per gram of dried flower harvested, down from C$1.48 a year ago.”
Our forecast is super-bullish on this stock. This is our conclusion published 2 months ago:
Organigram Holdings is one of the few cannabis stocks that trades at all-time highs which confirms leadership in its sector. Our forecast of $40-45 as a blow-off top in 2019 or 2020 is underway.
What we see now looks to confirm how bullish this cannabis stock may get in 2019 and 2020.
Organigram Holdings BREAKS OUT!
Not only does it break out to all-time highs, but it also is attempting to break out of its 3-year rising triangle pattern. This is an incredibly powerful signal.
This breakout most hold though. We want to see 3 to 5 consecutive closes above the $10.05 level. Moreover, we want to see 3 consecutive weekly closes above $10.05. That’s to confirm the breakout, and confirm our forecast that Organigram will be a multi-bagger in the next 12 months.