Flower One Holdings reported its financial and operating results for the second quarter ended June 30, 2019. Now operating in a state of ongoing weekly harvests following the completed conversion of its Nevadagreenhouse and its inaugural harvest announced on June 11, 2019, the Company confirmed today that its second quarter financial and operational performance has resulted in a cultivation yield performance of 38.3 grams per square foot, per harvest cycle, at an average cost per gram of $0.45.
In addition, the Company announced that it has completed an initial harvest in all eight of its flower zones and has commenced harvesting of its second cycle of planted cannabis. The success of its cultivation performance through the second quarter has resulted in a year-to-date tenfold increase of the Company’s biological assets and inventory to $56.1M further strengthening its balance sheet. According to them, at the quarter end, the Company held more than 14,000 pounds of dry cannabis inventory. Flower One’s dry cannabis will now transition to the Company’s 55,000 square-foot production facility to generate a wide variety of cannabis products and brands from across the United States.
"Achieving a cultivation yield performance of 38.3 grams per square foot and doing so at a cost of $0.45 per gram, firmly establishes us as one of the leading large-scale cannabis cultivators in North America and the world," said President and CEO, Ken Villazor.
"We are extremely proud of these results," added Kellen O’Keefe, Chief Strategy Officer.
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