Fiore Cannabis Ltd (OTCMKTS:FIORF) expects to report an impressive growth of 140% YoY in Q1 2021 revenues to $850,000. Its profit margins will be 40%. Improved Q1 2021 is on the backdrop of adding revenues of Las Vegas, Nevada-based Apex production and cultivation facility in 2021.
Organically grown flower in Nevada
Fiore Cannabis occupies the leadership position among the cultivators of cannabis in Nevada because of organically grown flowers with improved THC levels.
It derived higher yields of growing flower in organic living soil. The Apex facility is nearby medical and recreational markets in Las Vegas. Therefore, Fiore Cannabis can improve revenues by supplying organic flower to several outlets in the region.
Fiore Cannabis enjoys improved fortunes in Nevada despite the coronavirus-related restrictions. With restrictions expects to subside, the tourism-focused area expects to improve cannabis market.
Forecasts strong revenues in 2021
President of Fiore Cannabis, Erik Anderson, said the company is excited with the growth in 2021 and expects to cross its internal estimates in the quarter. He further said the renovated Apex facility and improved performance of the crop will offer strong revenues for the company in the entire 2021.
The company will adopt cost-containing measures and boost returns by investing funds in California and Nevada operations. It will report revenues of Q1 2021 on or before the end of May 2021.
Fiore Cannabis expects to raise $600,000 by April 9, 2021, through a private placement of 4 million units. It will use the proceeds for expanding operations in Nevada and California. The company will use a certain portion of the funds for general working requirements.
Each unit in the private placement comprises one share purchase warrant and one common share. The warrant holders can exercise their warrants within 18 months from the date of issue at $0.22.
Fiore Cannabis will conduct AGM at 10 AM on April 20, 2021.
Total retail sales of cannabis in Nevada improved by 30% YoY in January 2021. According to experts’ opinion, the consumption of legal cannabis expects to see a rise with restrictions is being eased slowly. Erik said both California and Nevada are the best markets for cannabis in the US.