GREY:FFLWF - Post by User
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Reachmeon Apr 29, 2021 2:51pm
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Post# 33094850
All this for $1.09.....this is a gift!!! GLTA
All this for $1.09.....this is a gift!!! GLTA Financial and Operational Highlights for the 2020 Fiscal Year Ended January 30, 2021
- Total revenue of $128.1 million at a gross profit of 35.5%, compared to revenue of $51.1 million at a gross profit of 36.4% for the 2019 fiscal year – representing a 150% increase in revenue;
- Achieved positive Adjusted EBITDA of $0.02 million for the fiscal year 2020;
- Cash balance of $30.6 million as compared to $22.9 million for fiscal year 2019;
- Significant 110.4% sequential quarter over quarter growth of high margin revenue sources in the Hifyre™ Digital Retail and Analytics Platform ("Hifyre"), with $6.3 million for the fiscal year 2020;
- Open Fields distribution business achieved 36.5% sequential quarter over quarter growth and produced $20.3 million in revenue for the fiscal year 2020;
- Same store sales for the quarter increased 36.8% compared to the fourth quarter of 2019;
- Closed the acquisition of Friendly Stranger Holdings Corp., a multi-store and multi-banner cannabis retail operator in Ontario . At the Company's fiscal year end, it had 73 stores open and operating. In Q4 2020, thirteen stores commenced operations under Fire & Flower banners compared to three stores in Q3 2020;
- Opened two co-located cannabis retail stores with Circle K as part of a pilot program;
- Completed financings for aggregate gross proceeds of $28 million . Additionally, Alimentation Couche-Tard Inc., through an indirectly wholly-owned subsidiary, exercised its participation rights in respect of the financings;
- Entered into a commitment letter for an aggregate amount of up to $10 million with an option for an additional $5 million for non-dilutive credit facilities with ATB Financial, a Canadian Schedule One bank;
- Amended the provisions of certain debentures and forced conversion of all remaining principal amounts and accrued unpaid interest through the issuance of 12,223,638 common shares of the Company;
- Maintained business continuity during the COVID-19 public health crisis through rapid innovation of the Hifyre Digital Retail and Analytics Platform including the Spark Fastlane™ click-and-collect service, curbside pickup and same-day home delivery in select provinces such as the 14 million person Ontario market;
Subsequent Financial and Operational Highlights post January 31, 2021
- Entered into strategic licensing partnership and acquisition option with American Acres, which intends to operate dispensaries in California , Arizona and Nevada with the first Fire & Flower branded store expected in Palm Springs, California this year;
- Submitted an initial application to list its common shares on the Nasdaq exchange;
- The Company announced the milestone achievement of 250,000 Spark Perks TM members across the Fire & Flower retail network;
- More than 80 retail stores under four banners across the provinces of Alberta , Saskatchewan , Manitoba and Ontario and the Yukon territory;
- Completed a $15 million , low cost, at-the-market equity distribution offering which further strengthened the Company's balance sheet and positions Fire & Flower for future growth;
- Announced planned $53 million debt-to-equity conversion which significantly improved the Company's balance sheet and further reduced interest costs. Circle K owner, Alimentation Couche-Tard's debenture conversion was $23.6 million , which will bring their equity stake to 19.9%;
- Hifyre entered into strategic agreement with leading U.S. analytics company BDSA.