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Flower One Expects $11.5M In Q3 Revenue On Heels Of $39M Debt Deal

October 13, 2020 2:24 pm
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Flower One Holdings Inc. (CSE:FONE) (OTCQX:FLOOF) disclosed Tuesday it expects to generate $11.5 million in revenue for the third quarter.

“These past few months have demonstrated Flower One’s resilience and ability to reemerge through COVID-19 with momentum as evidenced by our strong, preliminary quarterly revenue,” according to Flower One CEO Ken Villazor.

The report comes on the heels of the company’s deal with Subversive Real Estate Acquisition REIT LP and securing $39 million in debt financing.

Under the agreement, the REIT has a two-year option to seek a sale-leaseback transaction to purchase Las Vegas-based Flower One's facility spanning 455,000 square-feet.

Other highlights from the preliminary quarterly report include:

  • Preliminary year-to-date gross sales amounted to roughly $24.2 million
  • Preliminary gross sales for the third quarter were around $11.5 million
  • The initial introduction of Cookies, 22 Red, and Kiva’s Blackberry Blitz Game On Camino gummies

“The Company continues to increase its market penetration by providing our retail partners with a consistent supply of some of the highest-quality products and premium brands available in the Nevada market,” added Villazor.

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