Flower One Reports Second Quarter 2020 Results – Yahoo Finance

With the re-emergence of Nevada’s cannabis market, the Company is on track for third quarter 2020 to be its highest recorded quarterly revenue and is anticipating revenue in the range of $9.8M to $10.8M

TORONTO, ON, Sept. 8, 2020 /CNW/ –¬†Flower One Holdings Inc. (the “Company”) (CSE: FONE) (OTCQX: FLOOF), a leading cannabis cultivator, producer and innovator in Nevada, today reported its financial and operating results for the second quarter ended June 30, 2020. The Company also provided a corporate update including preliminary financial and operational highlights subsequent to quarter end. All amounts are expressed in U.S. dollars unless indicated otherwise.

Flower One Holdings (CNW Group/Flower One Holdings Inc.)More

Second Quarter Highlights

  • Quarterly revenue of $3.9 million, with sales in June increasing 144% over May and 78% over April;
  • Gross margins of 46%, up significantly from 28% in Q1 2020;
  • Launched new products for several brands, including The Clear, Old Pal, and 22Red, and signed Lift Tickets Laboratories as 16th brand partner;
  • Provided manufacturing inputs for 4 of the top 10 edibles brands and 2 of the top 10 vape brands in Nevada (Source: Headset, August 2020);
  • Produced 3 of the top 20 edible brands in Nevada, including Kiva’s Camino Gummies (Source: BDS Analytics, July 2020); and
  • Old Pal, which remains the number-one flower brand based on total units sold, has now secured 2 of the top 10 places for vape products in Nevada (Source: BDS Analytics, August 2020).

    “Since the reopening of Nevada dispensaries to in-person purchases, Flower One’s sales have quickly rebounded to pre-COVID-19 levels,” said Ken Villazor, President and Chief Executive Officer of Flower One. “Recently, the State of Nevada reported retail cannabis revenue for the month ending June 30, 2020, of $61.4 million, up from $57.9 for

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