The quarter financial filing by FLWR is probably the last time they will report a loss. This -.04 prompted the TD Bank advisor to predict the shares will to $1.50.
All shareholders and potential investors should read the reports. Here is a brief summary.
“The first quarter of 2021 represented a significant improvement from previous quarters. We are pleased that we achieved our highest revenue quarter, highest level of recreational cannabis kilograms produced and sold and we achieved first revenues from our operations in the European Union. The first quarter has well positioned the Company to have a break-out year,” commented Darryl Brooker, Chief Executive Officer of the Company. “The success of our newest strain, BC Black Cherry, our entry into the Quebec market along with expansion in other key markets and the revenue potential in Portugal give us much optimism for the future. With the closing of our $15.9 million financing, the Company has significantly bolstered its balance sheet and expects to be able to sell certain non-core assets as a way to further improve our financial position.”
• Record Revenue – The first quarter of 2021 represents the best quarter in Company history achieving gross revenue of over $4.6 million, representing a 356% increase from the same period in 2020, and $3.8 million net revenue, representing a 394% increase from the same period in 2020.
• Recreational Cannabis Sales – The Company sold approximately 673 kilograms of dried flower in Canada being the highest the Company has ever achieved.
• Entry into Quebec – Flowr received the authorization to operate in Quebec in August 2020, and shipped its first commercial order into the province in January 2021.
