Despite not being one of the more well-known players in the cannabis industry at the moment, Fire & Flower Holdings (TSXV:FAF) (OTC:FFLWF), and subsequently FAF stock, is garnering a lot of attention this month.
Here's what we know.
FAF Stock to Become a Leading Cannabis Stock?
Earlier this month, an AltaCorp Capital analyst said Fire and Flower will succeed in the Canadian cannabis market. And based on what has been happening this week, it's difficult to argue with David M. Kideckel, the analyst who made this prediction.
Today, May 24, Fire and Flower Holdings released its financial reports for the fiscal year ended February 2, 2019. Highlights include total revenue coming in at $13,000,000 at a gross margin of 38% and launching Open Fields Distribution, the company's wholesale cannabis and accessory business.
Fire and Flower also said that at the end of its fiscal year, it was operating nine licensed cannabis retail stores. These stores were spread out across Saskatchewan and Alberta. Plus, since the end of the fiscal year, the company has opened another six licensed cannabis retail stores in Alberta and Saskatchewan.
After the report came out, FAF stock jumped on the TSX Venture Exchange.
According to Yahoo Finance, as of 1:44 PM EDT, FAF stock is trading at $1.23; this puts FAF stock up 3.36%.
Takeaway
As mentioned, Fire and Flower Holdings might not be a huge player in the Canadian cannabis market right now, but it has potential. And that potential is evident in the performance of FAF stock today and in the company's latest financial report.
As we move forward with the year, and as the cannabis industry continues to increase, investors might want to consider following along with Fire and Flower Holdings.
What do you think about the company, though? Were you impressed by its latest report? Let us know what you think in the comments below!
Featured image: DepositPhotos
