Benzinga | May 13, 2021 04:56PM EDT

Cannabis Earnings: Overview Of Flower One's Q1 Results As It Become Nevada'a #1 Flower Producer

Flower One Holdings Inc (OTC:FLOOF) recently announced first-quarter financial results and operational highlights, posting record-breaking performance and emerging as the top flower producer in Nevada.

The company posted unaudited first-quarter revenue guidance of more than $13.5 million. This is a new record for Flower One, which had set a prior all-time high of $11.9 million in the third quarter of 2020.

In addition to holding one of the top-selling flower brands in Nevada (NLVO is only second to Berner's Cookies), Flower One is also the leading seller of distillates, bulk cannabis and white label flower in the state.

"We are truly proud of the collaborative effort that our team put forth to successfully restructure Flower One and earn the top flower producer in the state of Nevada," said Kellen O'Keefe, Flower One's president and interim CEO. "Our company is strongly positioned to continue to break records month after month. We look forward to our future growth as Las Vegas comes back online and are thrilled to welcome the first Cookies store to the strip this week."

Flower One also reported its yields were up to 135.7 grams per plant over the first quarter of 2021. Its average cost per gram stood at $0.58.

Through updates to its post-harvesting process (drying, curing, trimming and packaging), Flower One has recognized over 300% growth in its processing capacity in the first quarter of 2021, in comparison to the fourth quarter of 2020.

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