Kelowna, British Columbia–(Newsfile Corp. – April 13, 2021) – Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) (“Fiore” or the “Company”), a licensed multi-state cannabis cultivator, producer and retailer, today announced preliminary revenue results for the first quarter ended March 31, 2021 which show impressive quarter over quarter growth. Revenue for the first quarter of 2021 is projected at approximately US$850,000, an increase of 110% compared with the fourth quarter of 2020 and an increase of 140% compared with the first quarter of 2020. The projected profit margin for the first quarter of 2021 is approximately 40% based on the cost of cannabis per gram in the fourth quarter of 2020. The strong quarterly performance is primarily due to the addition of operating results generated from the Apex cultivation and production facility in Las Vegas, Nevada in 2021.
The Company is achieving a premium position in Nevada amongst cannabis cultivators due to its flower product being organically grown and boasting high THC levels. The crops sold from the Apex facility during the first quarter of 2021 are the first achieved under recently implemented organic living soil growing conditions with the result being high yield, high THC cannabis flower. The facility’s proximity to the Las Vegas recreational and medical cannabis market enables multiple sales outlets for Fiore product. Even with continued pandemic restrictions, Nevada remains one of the country’s most lucrative markets and its tourism focus is projected to increase demand for cannabis products as restrictions are decreased over time.
“We are very pleased with how our revenue has accelerated in 2021 and it appears we will exceed our own internal expectations for the quarter. Our focused execution against the commitment to deliver positive Adjusted EBITDA will continue each quarter this year. Our start-up of the revamped Apex facility and its