Flower One Reports First Quarter 2021 Results and Provides Preliminary Revenue Guidance for Its Second Quarter
Second Quarter Revenue Guidance of $16-$18m Reflects Its Second Consecutive Record Revenue Quarter
LAS VEGAS & TORONTO, June 28, 2021–(BUSINESS WIRE)–Flower One Holdings Inc. (“Flower One” or the “Company”) (CSE: FONE) (OTCQX: FLOOF) (FSE: F11), the leading cannabis cultivator and producer in Nevada, is pleased to announce its financial and operating results for the first quarter ended March 31, 2021, along with its unaudited preliminary revenue guidance for the second quarter of 2021. All amounts are in U.S. dollars unless indicated otherwise.
First Quarter 2021 Highlights:
The Company reports revenue in the first quarter of 2021 of $13.9M, consistent with its previous guidance of over $13.5M, representing a 53% increase over its revenue of $8.8M in the first quarter of 2020; Beginning in January, the Company underwent a complete restructuring transaction of its debt, which was completed in the second quarter of 2021. The successful debt restructuring, net proceeds from the convertible debenture financing and improved operating results enabled the Company to significantly improve its liquidity position by quarter end; Kellen O’Keefe was appointed to the role of President and Interim CEO and joined the Board of Directors along with Mitchell Kahn and Eliza Gairard to drive the corporate restructuring alongside the Company’s existing directors, Salpy Boyajian and Nitin Kaushal; As of March 2021, the Company is the top flower provider in the state of Nevada, producing both the number one (Cookies) and number two (NLVO, the Company’s in-house brand) as top-selling flower brands in the state¹; In addition to holding the two top-selling flower brands, the Company is also the leading producer of distillate, bulk and white