Fire & Flower Issues Q1 2019 Financial Report
Fire & Flower Holdings issued its financial and operational report for its Q1 2019.
Fire & Flower Holdings (TSXV:FAF) issued its financial and operational report for its Q1 2019.
As quoted in the press release:
“These results provide a solid foundation upon which Fire & Flower will continue to execute on our growth strategy. Our growth plan is well funded and in addition to the strength of our retail network, we have set ourselves apart as a modern retail company through the Hifyre digital cannabis platform that is reflective in our financial performance” shared Trevor Fencott, Fire & Flower’s Chief Executive Officer.
During the thirteen weeks ended May 4, 2019, the Company generated revenue of C$9.5 million including cannabis and cannabis-related accessory sales of $9.0 million and digital development revenue of C$0.5 million. Revenues are expected to continue to increase as the Company acquires new licences and opens additional retail cannabis stores, subject to the issuance of new licenses and the entry of the Company into markets that permit private cannabis retail stores.
The Company’s major expenses incurred during the thirteen weeks ended May 4, 2019 are related to salaries and benefits of C$3.3 million, depreciation and amortization of C$1.5 million, share based payment of $1.3 million, consulting and professional fees of C$1.3 million and C$0.7 million in other operating costs.
The Company recorded a net comprehensive loss of C$17.1 million, or a net loss per share of C$0.17.