Flower One CEO Touts 2020 As 'Transformational,' Revenue Spikes 260% YoY To $34.2M

Flower One Holdings Inc. FONE FLOOF (FSE: F11), the top flower producer in Nevada, saw revenue jump to $34.2 million in 2020. That's a 260% year-over-year spike compared to what the Canadian company reported for 2019.

The fourth-quarter revenue also rose by 66% year-over-year, reaching $9.6 million in the last three months of last year.

In Flower One's earnings report published late Friday, Kellen O'Keefe, the company's president and interim CEO, called 2020 "a transformational year."

O'Keefe was named interim CEO in January, replacing  Ken Villazor. Salpy Boyajian was simultaneously named executive vice president and also the board's chairman.

"While we have made tremendous strides over the past year, we recognize the hard work that lies ahead of us and are very excited for the future of Flower One," O'Keefe continued.

Over the last year, the company made several "operational improvements that positioned us for success going into 2021," he added.

Flower One recently revealed its unaudited first-quarter revenue guidance of more than $13.5 million, representing its new record, had set at an all-time high of $11.9 million in the third quarter of 2020.

The company intends to publish its financial results for the first three months of 2021 on or before July 5. 

On the heels of announcing its highest recorded monthly cannabis sales in March, which amounted to $3.9 million, and wrapping up its restructuring transaction in April, Flower One partnered with Cookies - a cannabis brand founded by Gilbert Anthony Milam Jr., AKA Berner, and launch a new CBD flower line.

Photo by Roberto Valdivia on Unsplash