- Revenues of $1,106,000 in Q3 2021, an increase of 101 per cent compared to Q3 2020
- For the nine months ended September 30, 2021, revenues were $2,798,000 an increase of 68 per cent compared to the nine months ended September 30, 2020
- Gross profit of $297,000 in Q3 2021
- Net profit of $14,000 in Q3 2021, compared with a net loss of $962,000 in Q3 2020
- Fiore Cannabis has been investing in the development of recreational and medical cannabis products since 2014
- Fiore Cannabis Ltd. (FIOR) opened trading at C$0.07 per share
Fiore Cannabis (FIOR) has announced its third-quarter 2021 financial results.
The results speak to the company’s turnaround efforts and its U.S.-based growth strategy.
Erik Anderson, President and CEO of Fiore Cannabis commented on the results.
“The third quarter of this year has been a pivotal period for Fiore as we achieved a number of key milestones including recording our first quarterly net profit. We continued to build upon our strong first half of the year and focused on driving performance in our revenue-generating U.S. operations. During the quarter, we achieved strong sales activity at our Apex Cultivation and Production Facility in Las Vegas, Nevada and at our cannabis dispensary in Desert Hot Springs, California. Quarterly year-over-year revenues and gross profit were basically doubled at the same time that we kept our G&A costs for year to date in check.”
Financial highlights:
- Revenues of $1,106,000 in the third quarter of 2021, an increase of 101 per cent compared to the third quarter of 2020.
- For the nine months ended September 30, 2021, revenues were $2,798,000, an increase of 68 per cent compared to the nine months ended September 30, 2020.
- Gross profit of $297,000 in the third quarter of 2021 compared with a gross profit of $158,000 in the third quarter of 2020.
- For the nine months ended September 30, 2021, gross profit was $857,000 compared with a gross loss of $207,000 for the nine months ended September 30. 2020.
- Net profit was $14,000, or nil per share, in the third quarter of 2021, compared with a net loss of $962,000, or $0.01 per share, in the third quarter of 2020.
- The company’s deficit was $114,724 at September 30, 2021, essentially unchanged compared with $114,618 at June 30, 2021.
“The company’s focus for the remainder of 2021 and into 2022 is to continue pushing into a growth phase and expand our operating scope in our key U.S. markets. Nevada and California are growth markets for cannabis products and are expected to see sales expand in the coming months as the tourist trade in both locations improves due to COVID-19 restrictions being reduced. Additionally, we see positive signs for U.S. federal legalization of cannabis as the Republicans have joined the Democrats in proposing and drafting legislative options,” said Anderson.
“Operationally, we are pleased with progress at the Apex Facility and the high-quality cannabis products we are producing there and it should be noted that sales towards the end of the quarter remained strong, which gives us a great start on our fourth quarter. Additionally, we have our partner company Allied Corp. constructing their modular units for the Apex site which is going to basically double the amount of cannabis product being generated at this location. We have also ramped up our Diamante Labs extraction operation to satisfy the growing demand in concentrates from the Las Vegas market. Revenues generated from the extraction lab can be expected to further enhance our financial results in the fourth quarter.”
Fiore Cannabis has been investing in the development of recreational and medical cannabis products since 2014. The company has expanded its operations to include cultivation, production and retail offerings in the key North American legal jurisdictions of Nevada and California.
Fiore’s portfolio of brands includes Fiore Cannabis, Diamante Labs, PureCloud 9, Surfer and The Weekender.
Fiore Cannabis Ltd. (FIOR) opened trading at C$0.07 per share.