Flower One Q1 Revenue Increases 53% to $13 9 Million
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Flower One Q1 2021 Revenue Spikes 53% YoY, Expects To Post Record Revenue In Q2
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A Nevada Cultivator Learns Hard Lessons from the Pandemic Covid-19 hit Nevada hard in every sector. Flower One hopes to reverse that.
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With New York s recent legalization of adult-use of cannabis and New Mexico and Virginia legalization around the corner, the U.S. is well on its way to having 18 states with legal adult-use cannabis by the end of the year. On top of that, Senate Majority Leader Chuck Schumer is gearing up to introduce some significant federal cannabis reform measures to speed up legalization on the national level. Together, with vaccine rollouts and the promise of reopening, these tailwinds create a situation where tourism and cannabis may have a solid second half of the year.
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Flower One Holdings Inc. (“Flower One” or the “Company”) (CSE: FONE) (OTCQX: FLOOF) (FSE: F11), a leading cannabis cultivator, producer and innovator in Nevada, announced today that it made the interest payments that were due on December 31, 2020 related to its unsecured convertible debentures issued in March 2019 and November 2019 (collectively the
“Debentures”). Payments of CAD$2,017,375.50 and CAD$440,610.00, respectively, were made by the Company before the end of the 30-day grace periods in accordance with the applicable indentures.
“In addition to making these interest payments, we engaged legal and financial advisors to continue discussions with the Debenture holders regarding a potential restructuring transaction,” stated Kellen O’Keefe, Flower One’s President and Interim Chief Executive Officer (CEO). “We remain focused on right-sizing the balance sheet and better positioni