Gold Flora losses continue to mount, even as revenue ticks up | How to buy Skittles Moonrock online

California-based Gold Flora Corp. (CBOE: GRAM) (OTCQB: GRAM) this week reported a net loss of $18.8 million, bringing its losses for the year thus far to $56.5 million, a dramatic turnaround from a year ago, when the company reported net income of $22.9 million for the quarter and was nearly breaking even for the year.

Revenue for the third quarter was $32.6 million, with $96.4 million reported for the year to date, both increases year-over-year, from $31.9 million and $62.5 million, respectively.

But Gold Flora struggled enough during the quarter that it asked a Delaware court to appoint a “limited receiver” to oversee the settling of $1.65 million worth of its debt. Earlier this month, Gold Flora was granted a stay on that appointment, “conditioned upon the company’s compliance with the payment plan.”

“Amid the ongoing challenges facing the broader industry, we’ve made significant strides in positioning ourselves for long-term success,” CEO Laurie Holcomb said in a press release.

“We have strengthened our balance sheet through a capital raise, continued scaling the highly successful Gramlin brand, and have further optimized our vertically integrated operations to support our growth,” she said, with no mention of the company’s financial hurdles.

Holcomb said the Flora Growth’s plan was to throw even more resources behind the build-up of the Gramlin brand, which she said should put the company in “a strong position to expand our market share in California and drive meaningful revenue growth.”

Also during the quarter, Flora Growth:

• Increased its cannabis harvest volume by 20% from the first quarter of the year.
• Continued marketing Gramlin around the state – already in 16 Flora Growth stores and over 350 dispensaries total.
• Took out a new loan for $13.15 million from J.J. Astor & Co.

As of Sept. 30, Gold Flora had $209.6 million in total assets, including $10.1 million in cash, against $273.1 million in total liabilities.

John Schroyer

John Schroyer has been a reporter since 2006, initially with a focus on politics, and covered the 2012 Colorado campaign to legalize marijuana. He has written about the cannabis industry specifically since 2014, after being on hand for the first-ever legal cannabis sales on New Year’s Day that year in Denver. John has covered subsequent marijuana market launches in California and Illinois, has written about every aspect of the marijuana trade, and was part of the team that built the cannabis industry’s first-ever trade show, MJBizCon. He joined Green Market Report in 2022.