- Fiore Cannabis’ (FIOR) Q1 2021 financial results are highlighted by over 100-per-cent increases in revenue and gross profit
- Revenues were C$1,088,000, an increase of 105 per cent compared with $529,000 in Q1 2020
- Gross profit was $223,000, an increase of 142 per cent compared with $92,000 in Q1 2020
- The numbers lend credence to the company’s turnaround efforts and its push forward with a U.S. focused growth strategy
- Fiore Cannabis has been developing medical and recreational cannabis products since 2014
- Fiore (FIOR) closed the day trading flat at $0.13 per share
Fiore Cannabis’ (FIOR) Q1 2021 financial results are highlighted by over 100-per-cent increases in revenue and gross profit.
Highlights
- Revenue was C$1,088,000, an increase of 105 per cent compared with $529,000 in Q1 2020, thanks to increased sales from the Apex Facility and a strong retail performance at Desert Hot Springs
- Gross profit was $223,000, an increase of 142 per cent compared with $92,000 in Q1 2020
- General and administrative expenses were $907,000, a major improvement compared with $2,973,000 in Q1 2020. This was due to maximizing workflows and operating efficiencies at the corporate level
- Net loss from continuing operations was $1,325,000, or $0.01 per share, compared with $28,432,000, or $0.23 per share, in Q1 2020
- Fiore’s deficit was $114,391,000, an improvement of $227,000 compared with $114,618,000 for the fiscal year ending on December 31, 2020
- Cash increased to $175,000 as of March 31, 2021, compared with $49,000 as of March 31, 2020. Subsequent to the quarter, the company completed a private placement for proceeds of $1,281,000
The numbers lend credence to the company’s turnaround efforts and its push for a U.S. focused growth strategy.
Erik Anderson, President and CEO of Fiore Cannabis, commented,
“The first quarter of this year was a pivotal one for Fiore with a number of key achievements. We were able to focus our activity and efforts on our operations in Nevada and California while divesting non-performing operations in Canada and improving our balance sheet.
Our focus for the remainder of 2021 is to move the company into a growth phase and expand our operations in Nevada and California. As an example, the partnership we signed during the first quarter with Allied Corp. is advancing successfully, and we’ll be looking to more than double the cannabis grow space at the Apex Facility in the near term.
As a company, we have put ourselves in a strong position and expect to continue growing our operations and executing on our strategy this year.”
Fiore Cannabis has been developing medical and recreational cannabis products since 2014. Current brands include Fiore Cannabis, Diamante Labs, PureCloud 9, Surfer and The Weekender.
Fiore (FIOR) closed the day trading flat at $0.13 per share.