Red White & Bloom Brands Q2 Revenue Grows 225% YoY, What About Profit?

Red White & Bloom Brands Inc. RWBYF RWB Q2 2022 revenue increased 225% to CA$27.4 million ($20.9 milllion), compared to CA$12.2 million in Q2 2021.

Q2 2022 Financial Highlights

  • Gross profit was CA$3.4 million, an unfavorable decrease of 50% compared to CA$6.8 million in Q2 2021.

  • Net loss was CA$17.6 million compared to net loss of CA$11.4 million.

  • Adjusted EBITDA loss of CA$7.1 million was CA$11.6 million higher than the prior year due to the lower gross profit associated with expansion of the platinum vape business, startup of operations in Florida and SKU rationalization in Michigan combined with higher general and administration costs.

Brad Rogers, CEO and chairman stated, “Q2 saw another significant improvement over 2021 in revenue and marked our first full quarter with operational control in Michigan of the newly acquired retail assets. This quarter we began to rationalize SKU management at our 8 operating dispensaries in Michigan, discounted and discontinued non-performing SKUs to optimize sales velocity and revenue per square foot.”

Rogers continued, “On the finance front, Q2 includes the financial reporting of the elimination of over CA$50 million of our credit facility. We continue to streamline the operation to reduce our overall operational costs. With the first half of 2022 now behind us, we are committed to driving profitable growth throughout the organization through disciplined execution as we set our eyes to achieving positive EBITDA by the end of this fiscal year.”

Photo: Benzinga; Sources: courtesy of Kindel Media via Pexels

Related News

Charge Them 'An Arm And A Leg!' Florida Gov. DeSantis Takes Aim At Cannabis Stocks

Red White & Bloom Posts Record Revenue In Q1, Set To Achieve Positive EBITDA By End Of FY

Red White & Bloom Brands Provides Update On Status Of MCTO


Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: CannabisEarningsNewsPenny StocksMarketsBrad Rogers
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Cannabis rescheduling seems to be right around the corner

Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.