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Organigram Holdings Inc.’s chief executive officer warned that the industry will remain unpredictable until the final quarter of this year, even as the pot producer’s stock headed for its biggest gain ever.

Organigram shares surged as much as 38 per cent Wednesday in New York after its fiscal first-quarter revenue beat the highest analyst estimate and it returned to positive adjusted EBITDA after a loss in the prior quarter. Investors are eager to see cannabis companies report profits, rewarding the few that have and punishing those that haven’t.

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However, it will take a few more quarters before the industry can generate predictable results, said CEO Greg Engel.