Rubicon Organics Inc. ROMJ ROMJF, a leading producer of organic certified, premium cannabis, has reported its financial outcomes for the year ended December 31, 2023, showcasing significant growth.
The company achieved a net revenue of $40.1 million, marking a 13% increase from the previous year, driven by its diversified product portfolio and strong brand presence in the premium cannabis sector.
Janis Risbin, CFO, noted "I am pleased to announce that Rubicon has attained its seventh consecutive quarter of positive Adjusted EBITDA and sixth consecutive quarter of positive operating cashflow. Despite the challenges faced in the latter half of 2023 due to competitive pricing pressures in the Canadian cannabis sector and broader negative macroeconomic factors affecting Canadian consumers, we are optimistic about the prospects in 2024."
Enhanced Gross Profit And Margin
The gross profit before fair value adjustments was reported at $14.1 million, reflecting a 15% increase from 2022. This growth in gross profits underscores Rubicon Organics' efficient operational strategies and commitment to quality, which have been instrumental in maintaining competitive gross margins.
Sustained EBITDA And Cash Flow
Adjusted EBITDA for the year stood at $4.4 million, signifying the company's seventh consecutive quarter of Adjusted EBITDA profitability. Operating cash flow reached $5.0 million, marking the company's sixth consecutive quarter of positive operating cash flow.
Market Share And Brand Recognition
Rubicon Organics continues to command a significant presence in the premium cannabis market, with notable market shares in premium flower, pre-rolls, and concentrates. The company's Wildflower™ brand has become the top topical brand in Canada, boasting a 21.8% market share.
Management: Forward-Looking Optimism
Despite competitive pressures and economic challenges in 2023, Rubicon Organics looks ahead to 2024 with optimism. The company stated that it's excited about the launch of full spectrum extract resin vapes under the 1964 Supply Co., anticipating this to be a significant growth driver. With its strong financial foundation and market position, Rubicon Organics is poised for continued success in the evolving cannabis landscape.
Learn more about these essential issues at the upcoming Benzinga Cannabis Capital Conference in Florida on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn, and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world. Get your tickets now on bzcannabis.com – Prices will increase very soon!
Photo: AI-Generated Image.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!