cannabis-retailer-fire-&-flower-posts-ca$28.1-million-quarterly-net-loss

Women, minority execs show few gains in U.S. cannabis industry, according to the latest data from the MJBiz Diversity, Inclusion and Equity Report. Get your copy here.


Canadian cannabis retailer Fire & Flower reported a net loss of 28.1 million Canadian dollars ($20.7 million) for the third quarter of its 2022 fiscal year.

That quarterly loss compares to a CA$21.6 million net loss in the previous quarter and a CA$2 million net loss in the same quarter the year before.

Revenue for the quarter ended Oct. 29 was CA$43.8 million, an increase of 8% from the previous quarter and a decrease of 3% from the same quarter in 2021.

That quarterly revenue figure included:

  • CA$33 million in retail revenue (up by CA$2.6 million quarter-over quarter and down by CA$700,000 year-over-year).
  • CA$7.9 million in wholesale and logistics revenue (down by CA$0.6 million quarter-over-quarter and similar to the same quarter last year).
  • CA$3 million in digital revenue (up by CA$1.1 million quarter-over-quarter and down by CA$800,000 year-over-year).

Fire & Flower remains “focused on driving the goal of positive adjusted (earnings before interest, taxes, depreciation and amortization) and free cash flow,” CEO Stephane Trudel said in a statement.

“We aim to accomplish our goal through a disciplined approach to driving topline revenue, gross profit dollars and reducing selling, general and administrative expenses.”

Fire & Flower’s cash and cash equivalents at quarter’s end were CA$17.3 million, with net working capital of CA$12.5 million.

Fire & Flower reported 90 operating stores as of the end of the quarter.

The company’s shares trade as FAF on the Toronto Stock Exchange.