Flower One Holdings Inc (OTCMKTS:FLOOF) has reported revenues of $2.5 million in Q3 2019. It is on the backdrop of significant sales from greenhouse in seven weeks. The company inaugurated the largest cannabis production and extraction facility (55,000 Sq. Ft) in Nevada. It is adjacent to its 400,000 Sq. Ft. Greenhouse.
Brand partners increase to 15
Flower One began sales of flowers its Nevada based commercial greenhouse. As a result, its revenues have surged at 15%, a compounded growth rate. It’s brand partners that include three new brand partnerships have increased to fifteen.
Weekly orders exceed $1 million
Flower One announced that its weekly sales have surged past $1 million mark for the first time. The yields at its greenhouse per Sq. Ft. are 192 grams (each gram costs $0.44).
In Nevada, Flower One’s NLVO and Old Pal finds a place in the top ten selling flower brands since the beginning of Q4 2019. The company commenced the sale of the leading California edibles brand – Kiva confections. It also signed brand alliances with well-known brands in California, such as 22Red, and Cookies. The company expects to produce cookie brands such as Grandiflora, Poerzzzup, Runtz and Minntz, and Cookies through these partnerships.
Flower One’s extraction lab maintains the industry’s leading purity level. Over 90% of its distillates achieve up to 95% of the delta THC levels. The company completed the convertible debt of $20.85 million in November 2019. It also inked a sales-lease back accord for $20 million with Treehouse REIT in the same month.
Ken Villager, Chief Executive Officer and President of Flower One, said it is a significant quarter for the company to realize revenues from its flagship Greenhouse. Flower One successfully commissioned production facility (55,000 Sq. Ft.) in Q3 2019. 55,000 Sq. Ft. production facility meets the growing demand for brands and cannabis products in the US.
Flower One also attracted three brand partners into its flourishing portfolio. According to Ken, the production facilities and greenhouse are now operational. The company successfully secured alliances with fifteen brands in nineteen months. All these milestones have steered Flower One on a profitable track and expect to report positive cash flow in the first half of next year.
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