Red White & Bloom Brands Inc RWBYF, a multi-state operator (MSO) based in Canada reported its financial results Thursday for the three and nine months ended September 30, 2023.
Q3 2023 Financial Highlights
- Revenue was CA$20.1 million ($14.8 million) Q3 2023 and CA$69.1 million for the first nine months of fiscal 2023.
- Net loss reported was CA$6.5 million, a decrease compared to the CA$8.5 from the same period last year.
- Adjusted EBITDA for Q3 2023 was CA$1.6 million, a substantial increase from the previous quarter’s figures. The year-to-date adjusted EBITDA stands at CA$2.3 million.
- Gross profit was CA$7.9 million, or 39% of the quarterly revenue, marking an increase from the previous quarter but a decrease compared to the same period last year.
In terms of operational efficiency, RWB has successfully reduced general and administrative expenses to CA$6.4 million in the third quarter, reflecting a notable decline from the previous quarter. The company also reported a decrease in operating expenses, down to CA$8.4 million for the quarter, contributing to an improved financial stance.
The company’s operational achievements include the successful launch of its Platinum vape products in Ontario and its entry into the Ohio market, a significant move considering the state’s burgeoning adult-use cannabis market and recent approval of a legalization initiative. RWB’s strategic partnerships and product expansions in various regions align with its goal of becoming a leading international cannabis brand.
Management Perspective
Colby De Zen, president of RWB, highlighted the company’s strategic focus on expanding its Platinum-branded product line, with successful launches in Canada and a recent entry into the Ohio market.
“Throughout the first nine months of 2023, our efforts have focused on cost reduction, eliminating low-margin products and non-core revenue streams, while placing a heightened emphasis on higher-margin products. With the impending completion of the Aleafia acquisition, RWB is poised to emerge as a leading international branded cannabis company as we head into 2024," remarked De Zen.
RWBYF Price Action
RWBYF's shares were trading 70.25% higher at $0.0475 per share at the time of this writing around noon ET Thursday.
Related News
- Toronto Weed Producer Announces Successful Bidder For Sale And Investment Process
- Canadian Cannabis Producer Reduces Net Loss In Q2, Reports Drop In Revenue And Gross Profit Improvement
- Red White & Bloom To Acquire Beleaguered Canadian Cannabis Operator Aleafia
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