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Cannabis company Rubicon Organics Inc. (TSXV:ROMJ) (OTCQX:ROMJF) has reported its financial results for the second quarter of 2021, revealing net revenue of CA$4.6 million ($3.6 million). That's a year-over-year and sequential increase of CA$3.6 million and CA$0.5 million, respectively. For the six months ended June 30, net revenue amounted to CA$8.7 million.
“Our share of the premium cannabis segment in Canada remains strong, and we remain the go-to organic brand among consumers,” Jesse McConnell, the company’s CEO, disclosed Friday. ”With 44 SKUs across five brands, we can focus on meeting the rising demand from provincial distributors, which is beginning to reflect both a return to normalized buying patterns and our new SKUs in high growth product categories.”
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Q2 2021 Financial Highlights
- Other income totaled CA$31,450 versus CA$307,289 in the same quarter of last year.
- Net loss totaled roughly CA$5.1 million, compared to CA$1.82 million in the prior year’s period.
- Adjusted EBITDA, a non-GAAP measure, came in negative at CA$3.42 million versus a CA$2.51 million loss in the corresponding quarter of 2020.
- As of June 30, the company had approximately CA$4 million in cash and working capital of roughly CA$26 million.
Other Q2 2021 Highlights
- Repaid $9 million in second mortgage loans.
- Issued a US$8 million principal amount secured debenture to Green Island Investment Ltd. in connection with a debt financing transaction. The debenture carries an interest rate of 6.5% per annual and has a two-year term.
- Completed company-wide restructuring and has achieved annualized savings of CA$2.6 million.
- Announced a cannabis purchase and sale agreement with the Yukon Liquor Corporation for the distribution of its portfolio of cannabis products to consumers in Yukon territory.
- Received its first purchase order from Cannabis NB, New Brunswick’s provincial cannabis distributor, and retailer.
- Received initial purchase orders for its Simply Bare Organic live rosin solventless concentrate and PAX pod products.
The company expects that a 132% improvement in SKU count, new brands in key Canadian markets, and an Ontario restocking event in September of 2021 will boost its revenue trajectory throughout the second half of 2021.
Price Action
Rubicon Organics’ shares traded 2.37% lower at $1.73 per share at the time of writing Friday morning.
Photo: Courtesy of Markus Winkler on Unsplash
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.