Kelowna, British Columbia and Las Vegas, Nevada–(Newsfile Corp. – June 2, 2021) – Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) (“Fiore” or the “Company”), a licensed multi-state cannabis cultivator, producer and retailer, today announced its first quarter 2021 financial results support the turnaround efforts made by the Company and its push forward with a U.S. focused growth strategy. Fiore’s Interim Financial Statements and corresponding Management’s Discussion and Analysis for the quarter ended March 31, 2021 are available on the Company’s SEDAR profile at www.sedar.com and the Company’s website at www.fiorecannabis.com.
“The first quarter of this year was a pivotal one for Fiore with a number of key achievements. We are 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. The primary drivers for our solid financial results were sales coming on line at our Apex Cultivation and Production Facility in Las Vegas, Nevada and retail sales performance exceeding expectations at our cannabis dispensary in Desert Hot Springs, California. We thank our shareholders, customers and employees for supporting the Company’s strategic focus and direction for the future,” said Erik Anderson, President and CEO of Fiore Cannabis.
Fiore reported the following financial highlights for the quarter ended March 31, 2021:
Revenues were $1,088,000, an increase of 105% compared with $529,000 in the first quarter of 2020. Increased sales from the Apex Facility and continued strong retail performance at Desert Hot Springs were the drivers.
Gross profit was $223,000, an increase of 142% compared with $92,000 in the first quarter of 2020.
General & Administrative expenses were $907,000, a major improvement compared with $2,973,000 in the first quarter of 2020. This was due primarily to operating efficiencies at the corporate level and the maximizing of workflows.
Net loss from continuing operations was $1,325,000,