Flower One Says First Quarter Income Is $13.5 Million

Flower One Says First Quarter Revenue Is $13.5 Million


Flower One Holdings Inc. (OTCQX: FLOOF) introduced unaudited preliminary first-quarter income steering of $13.5 million. Flower One mentioned that it expects to announce the date for its submitting of the fiscal 2020 yr and first quarter 2021 within the coming weeks.

The corporate hasn’t reported outcomes because the third quarter ending in September 2020 when revenues have been 411.9 million.

“We’re extraordinarily pleased with our crew and the super collaborative effort put forth by so many to efficiently restructure Flower One and change into the highest producer in Nevada,” mentioned Kellen O’Keefe, Flower One’s President and Interim CEO. “For us to have achieved what we’ve underneath the circumstances was nothing wanting outstanding and one thing our whole crew will be very pleased with. As an organization, we’ve by no means been in a stronger place and can emerge from the pandemic a special firm on a wholly new trajectory. We proceed to interrupt information month after month, ending April with all-time excessive month-to-month gross sales and the best common promoting worth per pound in our firm’s historical past. We’re extraordinarily well-positioned for future progress as Vegas comes again on-line; and, we welcome the primary Cookies retailer to the strip this week.”

Flower One additionally reported that as of March 2021, it’s the prime flower supplier within the state of Nevada, recognizing each the primary (Cookies) and quantity two (NLVO, the Firm’s in-house model) as top-selling flower manufacturers within the state. The corporate mentioned that along with holding the 2 top-selling flower manufacturers, it is usually the main producer of distillate, bulk, and white label flower gross sales within the state of Nevada.

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Different highlights within the firm’s assertion included:

  • The Firm’s yielding cultivation analytics are reported as much as 135.7 grams per plant by means of the primary quarter of 2021, at a mean price per gram of USD$0.58. The Firm has traditionally has reported its common price per gram to be between USD$0.40-0.69;
  • By way of updates to its post-harvesting course of (drying, curing, trimming and packaging), the Firm has acknowledged over 300% progress in its processing capability within the first quarter of 2021, compared to the fourth quarter of 2020.

Debt Restructuring/ New CEO

In April, the corporate introduced that it transformed 60% of the principal quantity of the Debentures for models comprised of 1 widespread share and ⅚ of a warrant- ensuing within the whole principal quantity of the 9.5% unsecured debentures due March 28, 2022, being decreased from C$42,471,000 to C$16,988,400; and, the entire principal quantity of the 9.5% unsecured convertible debentures due November 15, 2022, being decreased from C$9,276,000 to C$3,710,400. The corporate had defaulted on funds comparable to $262,500 due on January 1, 2021 in reference to a mortgage from RB Mortgage Portfolio I, LLC  and lease funds within the quantity of $526,677 due on January 5, 2021 in reference to the corporate’s lease of the greenhouse facility situated at 3950 North Bruce Avenue in North Las Vegas.

In January Kellen O’Keefe was appointed from his earlier place of Chief Technique Officer to Flower One’s President and Interim Chief Government Officer.

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