Flower One Reports Solid First Quarter, Guides Higher For Second

CANNANNEW REPORT

Flower One Holdings Inc. (CSE: FONE) (OTCQX: FLOOF) released its financial and operating results for the first quarter ending March 31, 2021, with revenue rising 53% to $13.9 million over last year’s $8.8 million. This topped the previous guidance from Flower One of $13.5 million and was a big jump sequentially over the fourth quarter’s $9.7 million. Flower One reported an income from operations of $3.8 million and a net loss of $10.6 million. The company said the net loss resulted from $9.5 million of finance expenses, fair value losses on derivatives, losses on note modifications, and foreign exchange losses. “In the first quarter of 2021 we reported the best performance in the history of the Company, as the impact of the restructuring and operational improvements began to show results,” said Kellen O’Keefe, Flower One’s President & Interim CEO. “With the new board of directors and management in place, we have taken the first steps towards positioning Flower One for long-term success. We are focused on the financial discipline and operational excellence required to meet or exceed projections and achieve cash flow positivity. We believe we are closer than ever to meeting these objectives, as we continue to capitalize on the return of tourism in Nevada. Over the past several months, we have improved the quality of cannabis that comes out of our facility, which has enabled us to generate a significantly higher average price per pound. Our commitment to quality has been very well received by the market, allowing us to gain nearly 25% share of the wholesale market and become the largest producer of cannabis in Nevada.” Balance Sheet Improvements Beginning in January, Flower One underwent a complete restructuring transaction of its debt, which was completed in the second quarter of 2021. The successful debt restructuring, net proceeds…

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