Gold Flora Corporation, a vertically integrated cannabis operator in California, reported its financial results for the three and nine months ended September 30, 2024, reflecting significant changes compared to the previous fiscal period. The company generated revenues of $32.6 million for the third quarter of 2024, a slight increase from $32.0 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues reached $96.4 million, up from $62.6 million in the prior year, driven by a substantial increase in wholesale and retail sales.

Wholesale revenue surged to $8.2 million in Q3 2024, compared to $3.7 million in Q3 2023, marking a 121% increase. This growth is attributed to enhanced sales to third-party dispensaries following the launch of the Gramlin brand in Q2 2024. Retail revenue, however, decreased to $24.4 million in Q3 2024 from $28.2 million in Q3 2023, reflecting the impact of market conditions and operational adjustments.

Despite the revenue growth, Gold Flora reported a net loss of $18.9 million for Q3 2024, a significant decline from a net income of $23.0 million in Q3 2023. The net loss attributable to the company for the nine months ended September 30, 2024, was $56.5 million, compared to a loss of $0.5 million in the same period of 2023. The losses were primarily driven by increased operational costs following the Business Combination with TPCO Holding Corp. in July 2023, which expanded the company's retail footprint and operational scale.

Total current assets decreased to $46.4 million as of September 30, 2024, down from $52.9 million at the end of 2023. Total liabilities increased to $273.1 million, up from $233.6 million, with current liabilities rising significantly due to increased taxes payable and other accrued expenses. The company reported a total shareholders' deficit of $63.4 million as of September 30, 2024, compared to a deficit of $7.2 million at the end of 2023.

Strategically, Gold Flora has focused on streamlining operations and reducing reliance on third-party vendors, which has led to improved production efficiencies. The company has also expanded its product offerings and distribution capabilities, with plans to open a new retail location in Costa Mesa in 2025. However, the company continues to face challenges, including ongoing litigation and regulatory compliance issues, which may impact future operations and financial performance.