Lowell Farms Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2021
March 01, 2022 at 05:00 pm
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Lowell Farms Inc. reported earnings results for the fourth quarter and full year ended December 31, 2021. For the fourth quarter, the company reported sales was USD 15.07 million compared to USD 9.15 million a year ago. Net loss was USD 9.99 million compared to USD 4.11 million a year ago. Basic loss per share from continuing operations was USD 0.09 compared to USD 0.11 a year ago. Diluted loss per share from continuing operations was USD 0.09 compared to USD 0.11 a year ago.
For the full year, sales was USD 53.72 million compared to USD 42.62 million a year ago. Net loss was USD 24.68 million compared to USD 21.91 million a year ago. Basic loss per share from continuing operations was USD 0.27 compared to USD 0.65 a year ago. Diluted loss per share from continuing operations was USD 0.27 compared to USD 0.65 a year ago.
Lowell Farms Inc. is a cannabis company with vertically integrated operations, including cultivation, extraction, processing, manufacturing, branding, packaging and wholesale distribution to retail dispensaries. The Company manufactures and distributes proprietary and select third-party brands throughout the State of California. It also provides manufacturing, extraction and distribution services to select third-party cannabis and cannabis branding companies and sells proprietary bulk flowers and brokers third-party bulk flowers to licensed distribution and manufacturing companies in California. Its brands include Lowell Smokes, Lowell Herb Co, House Weed, Kaizen, Moon, Original Pot Company, Flavor Extracts, Humble Flower and Cypress Cannabis. The Company operates approximately 40,000-square-foot of processing facility, a 15,000-square-foot manufacturing and laboratory facility in Salinas, California, and laboratory facility in Salinas, California, and others.