California Cannabis Co. Gold Flora Reports 150% YoY Increase In Q1 Gross Profit, Trims Loss Sequentially
California cannabis company Gold Flora Corporation (Cboe Canada: GRAM) announced on Wednesday its first quarter financial results for the three months ended March 31, 2024. "Our Q1 2024 results reflect the work we have done to scale our operations to leverage the solid foundation we have built and realize the significant benefits of our vertical integration," Laurie Holcomb, the company's CEO, said.Gold Flora significantly expanded its cultivation operations with the introduction of the Gramlin brand.
The expansion increased the canopy space to 107k square feet, a more than double increment from the previous year. The launch of Gramlin, targeting high-volume consumers with affordable pricing and trendy packaging, aims to elevate sales of in-house products from 22% to 30%, as Benzinga's Nicolás Jose Rodriguez highlighted in his recent recap of cannabis analysts' reports.
