Flower One Reports Q1-22 Financial Results

Flower One Reports Q1-22 Financial Results

LAS VEGAS–(BUSINESS WIRE)–Flower One Holdings Inc. (“Flower One” or the “Company”) (CSE: FONE) (OTCQX: FLOOF) (FSE: F11), the leading cannabis cultivator and producer in Nevada, today announced its financial and operating results for the first quarter ended March 31, 2022. All amounts are expressed in U.S. dollars unless indicated otherwise. First Quarter 2022 Financial and Operating Highlights: The Company reported first quarter 2022 revenue of $8.9M; Cost of flower production decreased 35% year-over-year, a result of the Company’s ongoing efforts to reduce costs, without compromising flower quality; Completed a $10.1M financing and implemented loan modifications to its term debt, reducing the Company’s cost of capital and interest obligations. “Despite ongoing market pressures, our team has continued to drive our business forward making significant progress on cost savings, debt reduction and our overall turnaround plan,” said Kellen O’Keefe, Flower One’s President & CEO. “Our commitment to producing quality cannabis at scale is at the heart of everything we do as an organization and we are currently producing the best quality flower in the Company’s history, while simultaneously reducing our cost of production.” First Quarter 2022 Financial Results: Revenues For the three-month period ended March 31, 2022, the Company reported revenue of $8.9M, representing approximately 10-15% of the state’s wholesale market. Nevada’s cannabis market continues to be harshly affected by the ongoing impact of the pandemic, and a thriving black market, which has resulted in price compression and decreased statewide cannabis sales. While tourism has continued to slowly rebound to pre-pandemic levels, visitor counts still remain far below expectations as a direct result of the reduction in conferences, corporate, and international travel. Nevada’s first quarter 2022 retail cannabis sales decreased by over 21%, as compared to first quarter 2021. Expenses Cost of sales for the first quarter of 2022 was $5M, compared…

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Source : Flower One Reports Q1-22 Financial Results

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