Kelowna, British Columbia and Las Vegas, Nevada–(Newsfile Corp. – August 30, 2021) – Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) (“Fiore” or the “Company”), a licensed multi-state cannabis cultivator, producer and retailer, today announced its second quarter 2021 financial results, which support the Company’s turnaround efforts and its continued push for a U.S.-based growth strategy. Fiore’s Interim Financial Statements and corresponding Management’s Discussion and Analysis for the quarter ended June 30, 2021 are available on the Company’s SEDAR profile at www.sedar.com and the Company’s website at www.fiorecannabis.com.
“The second quarter of this year was an important stepping stone for Fiore as we achieved a number of key milestones,” said Erik Anderson, President and CEO of Fiore Cannabis. “We continued to build upon our strong first quarter and hone in on driving our efforts in our revenue-generating U.S. operations while divesting non-performing operations in Canada and improving our balance sheet. During the quarter, we continued to see strong sales performance at our Apex Cultivation and Production Facility in Las Vegas, Nevada and retail sales performance continuing to progress along with expectations at our cannabis dispensary in Desert Hot Springs, California. With our year-over-year revenues up by more than 50% and a gross profit achieved, we also reduced our G&A substantially.”
Fiore reported the following financial highlights for the second quarter and for the half year ended June 30, 2021:
Revenues were $605,000 in the second quarter of 2021, an increase of 5% compared with $578,000 in the second quarter of 2020. For the first half of 2021, revenues were $1,692,000, an increase of 53% compared with $1,108,000 in the first half of 2020. Increased sales from the Apex Facility and continued strong retail performance at Desert Hot Springs were the primary drivers. Gross profit was $337,000 in the