GREY:FLWPF - Post by User
Post by
HHHAPPYon Aug 30, 2021 6:12pm
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Post# 33785738
Its obvious from todays revenue report FLWR will have to
Its obvious from todays revenue report FLWR will have to expand distribution beyound Portugal to meet needed sales.
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Darryl Brooker, Chief Executive Officer of Flowr, commented, “The first half of 2021 represented a transition period for Flowr as we looked to focus our strategy of producing premium and ultra-premium dried flower cannabis in Canada, improve operational efficiencies, and explore opportunities to achieve revenue growth in Portugal.” “We achieved gross revenue of $7 million and net revenue of $6 million in the first half of 2021, doubling the net revenue for the same period of 2020. Net revenue for the second quarter of 2021 however came in below our expectations at approximately $2.2 million, as we saw a decrease in sales of retail products in Canada offset by bulk sales of aged and lower tier inventory. Sales in the second quarter of 2021 was impacted by a slower than expected rollout in Quebec and increased competition for dried flowers at higher THC levels, while we worked to introduce new strains and product formats and expand our sales coverage in the third and fourth quarter of 2021.”