Canadian cannabis retailer
Fire & Flower Holdings Corp. (
TSX:FAF,
OTC:FFLWF,
Forum) reported third-quarter results on Tuesday, posting $13.7 million in revenue while recording a net profit of $10.2 million. Fire & Flower’s Q3 revenue increased from the $11.1 million it reported in the prior quarter, while its quarter-over-quarter gross margins declined to 34.7 percent from 36.5 percent.
The retailer expects to meet its goal of opening 45 cannabis stores by the end of the year and forecasts 85 outlets by the end of 2020, it said in a statement. Fire & Flower currently operates 33 stores across Canada. Stifel analyst Justin Keywood said the company will likely be a large beneficiary of rule changes to Ontario’s retail licensing program, where the retailer already has 14 lease locations ready to go.
Full press release
here.
FULL DISCLOSURE: Fire & Flower Inc. is a client of Stockhouse Publishing.