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The Flowr Corporation Q1 Net Loss $6.1 Million Vs $8.3 Million Year Ago; Says Trading in Shares Reinstated

MT Newswires ·  {{timeTz}}

07:27 AM EDT, 05/31/2022 (MT Newswires) -- The Flowr Corporation (FLWR.V) overnight Monday said Q1 net loss attributable to shareholders fell to $6.1 million from $8.3 million a year earlier.

Gross revenue for the quarter ended March declined to $3.9 million from $4.4 million and net revenue fell to $3.5 million from $3.6 million, the cannabis company said.

Revenue fell mainly due to a lower average net sale price, partially offset by higher volume, the company said.

"The first quarter of 2022 showed that we remain on track with our objective on maintaining our status as a premium cannabis producer. Also, our continued focus on cost reductions is showing in our bottom-line improvements," said Tom Flow, Interim Chief Executive Officer of Flowr.

The company also said the Ontario Securities Commission has revoked its cease-trade order issued on May 6 against the company after it failed to submit periodic disclosure documents by the filing deadline of May 2.

Also, Flowr said the TSX Venture Exchange reinstated trading in the company's shares with effect from Tuesday. The stock exchange had suspended trading in its shares after the cease-trade order.

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