Lowell Farms Reports 35% Revenue Drop In Q1: Following Cannabis Cultivation Exit, Net Loss Down 27.5%
California-based cannabis company Lowell Farms Inc. (OTC: LOWLF)
released its financial and operational results on Tuesday afternoon for the first quarter of 2024, ending March 31.
The company reported a 35% decrease in net revenue, which fell to $4.9 million from $7.5 million in the same quarter last year. However, net revenue showed a 35% increase from $3.6 million in Q4 2023.
Consumer packaged goods (CPG) revenue dipped 11% year-over-year but rose 10% from the previous quarter. Bulk product revenue dropped 73% year-over-year and 66% from Q4 2023. Revenue from Lowell Farm Services (LFS) decreased 41% year-over-year and 93% from the previous …