Fire & Flower Holdings Corp. said Tuesday it swung to a second-quarter loss of C$21.56 million ($16.64 million), or 48 cents a share, from net income of C$19.45 million, or 58 cents a share, in the year-ago quarter. The Toronto-based microcap cannabis company said its revenue dropped 6% to C$40.7 million, mostly due due to competition from new licenses issued and price pressure in the cannabis retail market. Fire & Flower missed the analyst estimates for a loss of 19 cents a share and revenue of C$42.6 million, according to a FactSet survey. During the quarter, Fire & Flower launched a member pricing program and a delivery service offering an option for estimated delivery within an hour. Fire & Flower said it ended the quarter with C$18.6 million in cash. Shares of Fire & Flower are down 51.3% in 2022, compared to a drop of 57.7% by the Cannabis ETF .
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