The Flowr Corporation Announces Fourth Quarter and Full Year 2021 Results

The Flowr Corporation Announces Fourth Quarter and Full Year 2021 Results
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<![CDATA[TORONTO, May 20, 2022 (GLOBE NEWSWIRE) — PRESS RELASE — The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) herein announces its financial and operational results for the fourth quarter and fiscal year ended Dec. 31, 2021. All financial information in this news release is reported in thousands of Canadian dollars and represents results from continuing operations, unless otherwise indicated.Tom Flow, Interim Chief Executive Officer of Flowr commented, “2021 was a pivotal year for Flowr as we renewed our focus on maintaining our status as a premium cannabis producer and making the necessary changes to our business operations to reach profitability. The company made significant progress towards this objective, as we continue to take the necessary steps to reduce costs and drive revenues. In Q4 2021, we achieved new records in gross and net revenue at $4.4 million and $3.9 million, respectively, contributed by our previously announced strategy of introducing exciting new genetics and formats, enhancing our retail penetration, and solidifying our world class operations out of the K1 facility.”Operationally, the K1 facility has been now fully operational since the second half of 2021 and each grow room is being utilized to ensure our fixed costs are being spread out over a higher number of production grams. We have increased our product offerings significantly with the launch and success of Strawnana, Sour Sis, BC Dog Walkers, and in 2022 introduced several new exciting strains including BC Clementine Crush, BC Lemon Ice, BC Spiced Grape and BC Mango Melon OG, with more planned for the rest of 2022. We have also seen significant growth in retail penetration across our core markets with store distribution well over 50%.”Financially, we have strived to improve our financial position by reducing costs, shedding non-core assets and licenses, significantly reducing overall indebtedness, and raising additional equity capital. The…

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