Flower One Says First Quarter Revenue Is $13.5 Million

Flower One Holdings Inc. (OTCQX: FLOOF) announced unaudited preliminary first-quarter revenue guidance of $13.5 million. Flower One said that it expects to announce the date for its filing of the fiscal 2020 year and first quarter 2021 in the coming weeks.

The company hasn’t reported results since the third quarter ending in September 2020 when revenues were $11.9 million.

“We are extremely proud of our team and the tremendous collaborative effort put forth by so many to successfully restructure Flower One and become the top producer in Nevada,” said Kellen O’Keefe, Flower One’s President and Interim CEO. “For us to have accomplished what we have under the circumstances was nothing short of remarkable and something our entire team can be very proud of. As a company, we have never been in a stronger position and will emerge from the pandemic a different company on an entirely new trajectory. We continue to break records month after month, ending April with all-time high monthly sales and the highest average selling price per pound in our company’s history. We are extremely well-positioned for future growth as Vegas comes back online; and, we welcome the first Cookies store to the strip this week.”

Flower One also reported that as of March 2021, it is the top flower provider in the state of Nevada, recognizing both the number one (Cookies) and number two (NLVO, the Company’s in-house brand) as top-selling flower brands in the state. The company said that in addition to holding the two top-selling flower brands, it is also the leading producer of distillate, bulk, and white label flower sales in the state of Nevada.

Other highlights in the company’s statement included:

  • The Company’s yielding cultivation analytics are reported up to 135.7 grams per plant through the first quarter of 2021, at an average cost per gram of USD$0.58. The Company has historically has reported its average cost per gram to be between USD$0.40-0.69;
  • Through updates to its post-harvesting process (drying, curing, trimming and packaging), the Company has recognized over 300% growth in its processing capacity in the first quarter of 2021, in comparison to the fourth quarter of 2020.

Debt Restructuring/ New CEO

In April, the company announced that it converted 60% of the principal amount of the Debentures for units comprised of one common share and ⅚ of a warrant- resulting in the total principal amount of the 9.5% unsecured debentures due March 28, 2022, being reduced from C$42,471,000 to C$16,988,400; and, the total principal amount of the 9.5% unsecured convertible debentures due November 15, 2022, being reduced from C$9,276,000 to C$3,710,400. The company had defaulted on payments such as $262,500 due on January 1, 2021 in connection with a loan from RB Loan Portfolio I, LLC  and lease payments in the amount of $526,677 due on January 5, 2021 in connection with the company’s lease of the greenhouse facility located at 3950 North Bruce Street in North Las Vegas.

In January Kellen O’Keefe was appointed from his previous position of Chief Strategy Officer to Flower One’s President and Interim Chief Executive Officer.

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