Kelowna, British Columbia–(Newsfile Corp. – January 12, 2021) – Fiore Cannabis Ltd.(CSE: FIOR) (OTCQX: FIORF) (“Fiore” or “Company“), a licensed multi-state Cannabis cultivator, producer and retailer, today released a corporate update to investors, highlighting recent company developments and updating the Company’s strategic plan heading into 2021.
– Fiore’s Share Price increased 13% in 2020 and was up 116% (from 9 cents to 19.5 cents) since the name change to Fiore Cannabis Ltd.;
– Revenues for Green Leaf Wellness, Fiore’s dispensary in Desert Hot Springs, California, were up 22% year-over-year;
– Inventory for Fiore’s Apex cultivation and production facility in Las Vegas currently sits at 60 pounds of dry 100% organically soil-grown flower, 77 pounds of trim, 287 pounds of fresh frozen biomass and 4.4 pounds of distillate;
– Operating expenses for the company decreased by 34% in 2020 compared to 2019;
– Company raised more than $2.2mm CAD from two Private Placements in 2020;
– Company secured $2mm USD loan as a private mortgage secured against US assets;
– Work continued uninterrupted within the global pandemic brought on by COCID-19 as Fiore’s operations in Nevada and California were deemed essential services;
– Returned 18.5-million shares to treasury by unwinding the merger with ACC Enterprises;
– Crossed more than 10-million shares to insiders to address sell-side pressure on the CSE;
– Insiders and investors know to management equal approximately 80% of the 133-million issued and outstanding shares;
– US election of Biden/Harris and the Georgia Senate runoff going to the Democratic Party have combined to open the door to cannabis-friendly legislation in the form of the MORE Act, the SAFE Banking Act and the STATES Act.
Fiore enters the 2021 fiscal year with a great deal of market momentum. At the Apex facility, three flower harvests will be packaged and ready for sale to the Nevada market in late