Red White & Bloom (CSE: RWB) (OTCQX: RWBYF), a multistate cannabis operator and house of premium brands, has filed the required reports for its Q3 2023, the period ended Sept. 30, 2023. The reports include its Condensed Interim Consolidated Unaudited Financial Statements, Management Discussion and Analysis and associated certifications. Highlights of the report included revenues totaling $20.1 million for the third quarter and $69.1 million for the first nine months of fiscal 2023; gross profit, before fair value adjustments, resulting in $7.9 million for the third quarter; and year-to-date gross profit coming in at $21.1 million. The report also noted general and administrative expenses for the quarter totaled $6.4 million with operating expenses reported at $8.4 million for the quarter. The report stated that Adjusted EBITDA for Q3 2023 was $1.6 million, an increase of $1.3 million from Q2 2023. Corporate highlights included the successful launch of the company’s Platinum-branded vape products in the Ontario market; the execution of a licensing agreement with an Ohio distributor, enabling the company’s entry into the rapidly growing Ohio cannabis market; the closing of an asset purchase by a wholly owned subsidiary of the company; and the announcement by the company and Aleafia Health Inc. that the previously announced Amended Stalking Horse Agreement had satisfied substantially all of the conditions for closing, with the anticipated closing expected no later than Dec. 15, 2023.
“Our company remains committed to expanding our premium Platinum-branded product line, with successful launches in Canada during Q3 and recent entry into the Ohio market in Q4,” said Red White & Bloom president Colby De Zen in the press release. “Our previously outlined investments in optimizing manufacturing facilities through value-added enhancements, driven by automation and procurement strategies, are now yielding labor and product-cost efficiencies, as evidenced in our expanded reported gross profit for the quarter ended. Additionally, we are gearing up for the introduction of several new product offerings in Florida, anticipating full extraction capabilities. Upon approval, we foresee incremental revenue and gross margin growth through the launch of distillate-based products. Throughout the first nine months of 2023, our efforts have focused on cost reduction, eliminating low-margin products and noncore 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.”
To view the full press release, visit https://ibn.fm/AeCfn
About Red White & Bloom Brands Inc.
Red White & Bloom is a multistate cannabis operator and house of premium brands in the U.S. legal cannabis sector. RWB is predominantly focusing its investments on the major U.S. markets, including Arizona, California, Florida, Massachusetts, Missouri, Michigan and Ohio, as well as targeted Canadian markets. For more information about the company, please visit www.RedWhiteBloom.com.
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