fbpx
QQQ
+ 2.59
321.18
+ 0.8%
DIA
+ 0.08
311.69
+ 0.03%
SPY
+ 0.35
383.45
+ 0.09%
TLT
-1.07
153.53
-0.7%
GLD
-0.09
175.46
-0.05%

Fire & Flower Reports Q3 Net Income Of $10.2M

December 17, 2019 12:45 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Fire & Flower Reports Q3 Net Income Of $10.2M

Fire & Flower Holdings Corp. (TSX:FAF) (OTC:FFLWF) reported Tuesday third-quarter revenue of $13.7 million at a gross profit of 34.7%, compared to revenue of $11.1 million at a gross profit of 36.5% in the previous quarter.

The company also posted a net comprehensive income of $10.2 million, or 7 cents per share on a fully diluted basis, versus a net loss of $22.55 million, or a loss of 30 cents per basic and diluted share in the same quarter of 2018.

Net income for the quarter was due to gains achieved in other income on the revaluation of the derivative liabilities connected with the convertible debentures.

The company also noted some important quarterly milestones such as operating 30 cannabis retail stores across four provinces, closing on the strategic investment with Alimentation Couche-Tard Inc., finalizing asset purchase agreements with subsidiaries of Cannabis Cowboy Inc. related to eight cannabis retail stores.

"With the emerging Canadian cannabis industry facing headwinds, Fire & Flower continues to deliver a track record of growth and meeting our objectives" said Trevor Fencott, Fire & Flower's CEO. "We anticipate meeting our goal of 45 open and operating stores by the end of our fiscal year. Our industry-leading Spark Perks members program ensures that our customers are engaged with the Fire & Flower brand as their cannabis retailer of choice."

Fire & Flower's stock closed Monday’s session at 69 cents per share.

Related Links:

One Year Later: How Every Major Cannabis Stock Has Performed Since Canadian Legalization

Fire & Flower Increases Alberta Retail Footprint, Acquires 8 Retail Store Locations


Related Articles

Fire & Flower Revenue Spikes 142% YoY On Heels Of Buying Spree

Throughout the third quarter, cannabis retailer Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF) found itself on the hunt for acquisition targets.  read more

Earnings Roundup: Choom, Red White & Bloom Brands, WeedMD

Choom Discloses Achieves Positive Adjusted EBITDA read more

Quarterly Earnings: Fire & Flower, Charlotte's Web, Radient

Here's a summary of the latest earnings updates in the cannabis industry: read more

Cannabis Stock Gainers And Losers From Dec. 19, 2019