Cannabis producer Flower One Holdings Inc. (CSE: FONE) (OTCQX: FLOOF) announced Monday preliminary first quarter 2020 revenues of $8.9 million. March cannabis sales accounted for $3.9 million, with a sequential increase of 47% compared to February.
Over the last six months, following the Nevada-based company’s first sales of production from its greenhouse in the third quarter of 2019, Flower One saw strong monthly sales growth of 17% on average.
“We are pleased to see this sales momentum and are proud to be able to continue to support our brand and retail partners during these challenging times,” Flower One president and CEO Ken Villazor said in a statement. “Over the next two quarters, we expect to launch several leading cannabis brands and products into market that we anticipate will be catalysts for further revenue growth for our Company, including product launches for The Clear, Old Pal, Heavy Hitters and Cookies.”
Flower One released an updated version of the company’s investor presentation available on its website.
As a response to the Covid-19 pandemic, Nevada dispensaries sell their products via delivery only. The Nevada Department of Taxation authorized more than 400 vehicles and 59 dispensaries for the purpose.
The company continues to run its flagship cultivation and production facility as well as its indoor cultivation and commercial kitchen facility while partnering with state dispensaries to deliver a high-quality product to the Nevada resident population.
Photo courtesy of Flower One
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