MONCTON, N.B. -- Cannabis company Organigram Holdings Inc. reported a smaller loss in its latest quarter compared with a year ago as its net revenue rose 22 per cent.

The company says it lost $26 million for the quarter ended Aug. 31 compared with a loss of $38.6 million in the same quarter last year.

The company says the smaller loss was due to higher gross margins, partially offset by impairment charges.

Net revenue for what was the company's fourth quarter totalled $24.9 million, up from $20.4 million a year ago.

Organigram says it grew its share of the recreational cannabis market to seven per cent compared with 5.4 per cent in its third quarter.

Shares in the company were up 16 cents or nearly seven per cent at $2.53 in trading on the Toronto Stock Exchange.