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California-based Lowell Farms (CSE: LOWL) (OTCQX: LOWLF) this week reported a net loss of $3.6 million for the third quarter, down significantly year-over-year, but adding to its year-to-date losses, which now stand at $7.3 million.

Revenue for the quarter hit $3.2 million, a year-over-year decrease of 48% from $6.2 million, with revenue for the first nine months of the year at $11.6 million, down from $20.7 million for the same period in 2023.

At the same time, Lowell’s net loss for both the quarter and the year-to-date are also down, from $20.1 million and $24.2 million, respectively.

The company continued its attempts to penetrate the Golden State cannabis market, both on the wholesale and consumer packaged goods fronts, as well as with retail management services for other license-holding businesses.

But its CPG revenue was down 26% year-over-year for the quarter, while wholesale revenue also fell after the company’s exit from a cultivation facility in January. Just last month Lowell signed a contract to begin running a pair of dispensaries in L.A.

“This strategic move marks a new chapter for us, enabling us to further showcase the strength of our brand portfolio, now in our own retail spaces, and deliver an enhanced customer experience,” CEO Mark Ainsworth said in a press release. “As we focus on strategic, selective growth, we’re confident that this expansion will solidify Lowell’s position in the market.”

The company also reported that $700,000 of its cash flow problems during the quarter were due to an “unused” cultivation facility in the Salinas Valley, while branded product sales had slumped to $2.2 million from $2.6 million in the second quarter.

Sales from brand The Lowell Herb Co. stayed about flat at $686,000, up a notch from $682,000 sequentially, but the company’s The Infused 35 brand dipped to $134,000 in sales from $147,000 sequentially. Third-party brand sales by Lowell were up sequentially to $827,000 from $778,000, and Lowell signed an additional three more brands to represent during the most recent quarter.

As of Sept. 30, Lowell had $28.4 million in total assets, including $320,000 in cash, against $24.2 million in total liabilities.