Toronto-headquartered cannabis retail chain Fire & Flower Holdings reported declining sequential retail revenue for the fourth quarter of its fiscal year, citing heightened retail competition.
Revenue for the quarter ended Jan. 29 was 42.7 million Canadian dollars ($33.3 million), down 6% from the previous quarter and 1.2% from the same quarter the previous year.
The company attributed its quarter-over-quarter revenue decline “to increasing competition from new (retail) licenses issued and pricing pressures in the retail market.”
Fire & Flower’s quarterly net loss was CA$19.5 million, with an annual net loss of CA$63.6 million.
The company opened 32 stores during the fiscal year, with 105 locations operating as of the end of January.
Fire & Flower also acquired Canadian cannabis delivery service Pineapple Express as well as marijuana websites PotGuide and Wikileaf.
More than 420,000 Canadians are signed up for the Fire & Flower loyalty program, the company said in a presentation to investors.
2022 MJBiz Factbook – Now Available
The essential resource for cannabis business leaders across all sectors provides the latest data and in-depth analysis you need to develop informed business strategies and avoid costly missteps.
- Segmented research reports for the marijuana + hemp industries
- Accurate financial forecasts + investment trends
- State-by-state guide to regulations, taxes & opportunities
- 40+ charts and graphs with key data points
Get the facts and stay ahead of the curve.
Major Fire & Flower investor Alimentation Couche-Tard recently announced plans to increase its stake in the retailer to 35%.