Flower One Announces Preliminary Q3 2020 Revenue of $11.5 Million, Exceeding Guidance for the Quarter
LAS VEGAS and TORONTO, Oct. 13, 2020 /CNW/ – Flower One Holdings Inc. (the “Company”) (CSE:FONE) (OTCQX:FLOOF) (FSE: F11), a leading cannabis cultivator, producer and innovator in Nevada, today announced preliminary third quarter revenue of $11.5 million surpassing its Q3 2020 revenue guidance range of between $9.8 million and $10.8 million. The Company continues to expect its Q3 2020 gross margin to be in line with its previous guidance of 30-35%. All amounts are expressed in U.S. dollars unless indicated otherwise.
Preliminary Q3 2020 Highlights:
- Preliminary year-to-date gross sales, thru the month ending September 30, 2020, of approximately $24.2 million;
- Preliminary gross sales, for the three months ending September 30, 2020, of approximately $11.5 million;
- Initial launch of Cookies and 22 Red further demonstrating the Company’s ability and ongoing priority to transition its product revenue mix towards premium quality and higher gross margin sales; and
- Initial launch of Kiva’s Blackberry Blitz Game On Camino gummies, a nod to the Las Vegas Raider’s inaugural season in Nevada.
BDS Analytics recently reported that the August point-of-sales data for the cannabis market in Nevada experienced a 34% year-over-year growth. Nevada exhibited a surprisingly strong recovery despite limited tourism capacity. Year-to-date retail sales in the state of Nevada through August 31, 2020 reached $505.8 million, growing by 10% compared to the same period last year.
“These past few months have demonstrated Flower One’s resilience and ability to reemerge through COVID-19 with momentum as evidenced by our strong, preliminary quarterly revenue” said Ken Villazor, President and Chief Executive Officer of Flower One. …