- Fiore Cannabis (FIOR) achieved a positive Adjusted EBITDA for the month of January
- It also reported ongoing crop results for its flagship cannabis cultivation facility
- The company is achieving a premium position amongst cultivators due to its flower product being organically grown and boasting high THC levels
- The company achieved the positive Adjusted EBITDA in January from a profit margin of 25 per cent on gross revenues of approximately $360,000
- Fiore Cannabis is up 20 per cent to C$0.18 per share
Fiore Cannabis (FIOR) achieved a positive Adjusted EBITDA for the month of January and reported ongoing crop results for its flagship cannabis cultivation facility.
The company is achieving a premium position amongst cultivators due to its flower product being organically grown and boasting high THC levels.
The company achieved the positive Adjusted EBITDA in January from a profit margin of 25 per cent on gross revenues of approximately $360,000.
“We had committed to clarifying our financial picture and delivering positive Adjusted EBITDA in early 2021. Doing so for the month of January is a testament to the strong management of our assets and the ongoing efforts of our staff. Our crop performance in January was also just excellent and bodes well for continued strong operating results through the year,” said Erik Anderson, President and CEO of Fiore Cannabis.
The two crops sold in January were the first achieved under newly implemented organic living soil growing conditions at the Apex cultivation and production facility in North Las Vegas, Nevada. The result has been high yield, high THC cannabis flower that meets premium quality requirements.
The facility’s proximity to the Las Vegas recreational and medical cannabis market ensures multiple sales avenues for Fiore product. Even with pandemic restrictions, Nevada remains one of the country’s most lucrative markets and its tourism focus is projected to increase demand for cannabis products as restrictions are decreased over time.
“The Fiore cultivation team can be very proud of the quality organic cannabis product we are delivering into the market and the recognition this generates for us. The financial results in January are based on two crops being harvested and sold into the market. We expect February and future months will include an equivalent or greater number of crops being harvested and available for sale each month. We receive premium pricing for this cannabis product as we continue to build our name as a top quality cultivator. That translates into both strong demand for our product and high margin on our sales,” said Anderson.
Fiore Cannabis has been investing in the development of medical and recreational cannabis products since 2014.
Fiore Cannabis is up 20 per cent to C$0.18 per share.
