Clever Leaves Holdings Inc. (NASDAQ: CLVR) announced financial and operating results for the fourth quarter and full year ended December 31st, 2021.
For the fourth quarter 2021, revenue rose 25% to USD 4.2 Million compared to USD 3.3 Million in the same period the previous year. Cannabinoid revenue increased to 11% to USD 1.1 Million compared to USD 1 Million as non-cannabinoid revenue jumped 31% to USD 3.1 Million. All in cost per gram of dry flower amounted to USD 0.45 compared to USD 0.15 attributed to the ramp up of early stage operations in Portugal.
For the full year 2021, revenue rose 27% to USD 15.4 Million compared to USD 12.1 Million in 2020. Cannabinoid revenue amounted to USD 3.2 Million, a 29% increased compared to USD 2.5 Million in 2020.
“We have made progress in the fourth quarter by strengthening our operational foundation and advancing our commercial momentum to better position us for 2022,” said Andres Fajardo, President and incoming CEO of Clever Leaves. “We delivered year-over-year revenue growth of 26% and 29% across our non-cannabinoid and cannabinoid businesses, respectively. We also maintained our prudent approach to cost management as we drove continued production efficiencies. We believe the incremental milestones we achieved throughout our first year as a public company will enable us to leverage our low-cost production advantages and advance our global distribution efforts in 2022.
“Our work to optimize our production footprint has positioned us to further enhance how we serve our growing global B2B partner base. In Portugal, after we completed the construction of our cultivation expansion in the third quarter, we received a license from the Portuguese regulatory health authority, INFARMED, I.P. in December for the newly expanded facilities. Finishing the construction and licensing marks the near completion of our capital expenditures cycle, and we remain focused on ramping our Portuguese flower operations as we move past the capital-intensive phase of our growth. In Colombia, we have continued to prepare our operations to support dried flower exports. With our continued production efficiencies in Colombia, and the learnings we’ve gained from our flower operations in Portugal, we believe we are well-positioned for this expanded market opportunity. Once the guidelines are issued from the Colombian authority for the commercial export of dried flower, we expect to begin the export of dried flower in the fourth quarter of 2022.
“From a commercial standpoint, we are entering 2022 with a refined strategic focus as we align our efforts across six key markets: Australia, Germany, Brazil, Israel, the United States, and Colombia. In the last two months alone, we have announced two new supply agreements in Australia and three agreements in Germany, comprising both new partnerships and expanded agreements with current partners. We are making similar commercial strides within Israel, including our recently announced global strategic partnership with InterCure (Nasdaq: INCR). Having launched our CBD brand, JoySol, in the U.S. and sustained our progress with dried flower export preparations in Colombia, we are leveraging our robust distribution and production networks to expand our overall market opportunity. We look forward to providing further updates as we look to continue our momentum throughout the year.
“As we move further into 2022, we believe we are off to a strong start with building upon our solid foundation and transitioning Clever Leaves into its next phase of growth. I am proud of our team’s dedication to supporting our strategy and advancing our position within the global cannabinoid supply chain.”