Kelowna, British Columbia–(Newsfile Corp. – February 11, 2021) – Fiore Cannabis (CSE: FIOR) (OTCQX: FIORF) (“Fiore” or the “Company”), a licensed multi-state cannabis cultivator, producer and retailer, today announced that it continues to aggressively pursue its program to refocus on core assets in the key operating markets of Nevada and California. The Company recently noted these operations helped it achieve positive Adjusted EBITDA for the month of January.
“We have been able to adapt our company in the past year and get focused on where we can best operate, produce top-quality cannabis product, and serve growing markets. We have an approach to the cultivation, production and retail of cannabis at Fiore that is all about top-quality products, strong branding and generating solid financial returns,” said Erik Anderson, President and CEO of Fiore Cannabis.
Anderson noted that the Company is focused on the assets that can deliver strong revenue and margins and thus why its focus has been narrowed to Nevada and California. Recent corporate developments for the Company support this focus as they include the sale of an asset in Lynden, Washington and a letter of intent reached to sell an underperforming asset in Celista, British Columbia. The Celista sale, announced originally in mid-2020, is currently in final stages with an announcement expected in the coming month.
“It’s an easy decision to divest assets in Washington and British Columbia and to focus tightly on our core assets. We have opportunities in Nevada and California to expand our footprint and become more vertically integrated. As an example, we are achieving very successful crops from our Apex cultivation and production facility in North Las Vegas as evidenced by recent results. We’re currently working with a 10,000 square foot facility sitting on seven acres of property. So we’re considering now how we’ll expand