- Red White & Bloom released its Q4 2020 and FY 2020 results and later reported its Q1 2021 results
- In its Q4 2020 results, the company posted a 158% quarter-over-quarter increase in revenue from $CA6.1 million in Q3 2020 to $15.7 million
- Its FY revenue grew from nil in 2019 to CA$23.3 million in 2020, while its gross profit was CA$13.35 million in 2020 from nil in 2019
- RWB reported $32.7 million in Q1 2021 adjusted sales, an increase of 14.5% over Q4 2020
In a statement contained in the company’s December 2020 investor deck presentation, Red White & Bloom Brands (CSE: RWB) (OTCQX: RWBYF) CEO Brad Rogers observed that multiple deals, “judiciously purchased and diligently structured,” were all coming together to create “the most exciting times in the history of the company.” He further noted that the company was looking to build on its key assets focusing on growing the bottom line for its shareholders (https://ibn.fm/yqIO2).
Red White & Bloom recently made two announcements that show its progress thus far and perhaps tell of the dawn of the exciting times. On July 22, the company announced its Q4 2020 and full-year results (https://ibn.fm/ikseA).
RWB reported a 158% quarter-over-quarter increase in revenue from CA$6.1 million in Q3 2020 to CA$15.7 million in Q4 2020. The company attributes this increase to the impact of the acquisition the Platinum Premium Cannabis Products (“PV”) on its balance sheet, given that Q4 2020 was the first full quarter post-closing. RWB’s revenue for the year ended December 31, 2020, grew to CA$23.3 million from nil in 2019, while its gross profit for the FY 2020 was CA$13.35 million, or 57% of the FY revenue, compared to nil in 2019.
Red White & Bloom closed FY 2020 having made significant strides as it seeks to be the superior and most recognizable cannabis company in the United States. It completed two transformative acquisitions: PV, which is licensed in California and has products being sold in Oklahoma and Michigan, and Mid-American Growers (“MAG”), a company that owns a 3.6-million-square-foot, state-of-the-art technology and science facility that will enable RWB to attain premium value for the products it wishes to cultivate.
The company has also raised more than US$110 million since January 1, 2020, which it expects will support its expansion and operations. Additionally, as of July 2, 2021, it had about CA$41 million cash on hand.
The company reports adjusted sales for the 1st quarter of $32.7 million, a sequential increase of 14.5% from the prior quarter’s adjusted sales of $28.6 million in Q4 2020. The increase was reduced by the strengthening Canadian dollar and would have been about $1 million higher using a constant dollar comparison (https://ibn.fm/KVHvC).
“This was another great quarter for the company as we continued to see strong traction for our brands,” said Brad. “We are building on that momentum and working towards finalizing our revised asset purchase of our Michigan investee to bring their revenue, as well as adjusted sales into IFRS revenue format before the end of this current quarter.”
Once this is complete and the expansion of its Florida operations starts bearing fruits, the company expects to finally report in its quarterly results the strength of its accomplishments so far. As such, more is still to come for Vancouver-based Red White & Bloom as it positions itself to be one of the top three multi-state operators in the United States in cannabis and hemp-derived product lines.
For more information, visit the company’s website at www.RedWhiteBloom.com.
NOTE TO INVESTORS: The latest news and updates relating to RWBYF are available in the company’s newsroom at https://ibn.fm/RWBYF
About InvestorWire
InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent. We offer UNLIMITED Words on all domestic releases. While other wire services may provide a basic review of your release, InvestorWire helps you put your best foot forward with complimentary Press Release Enhancement.
With our competitors, the work is done the second your release crosses the wire. Not with InvestorWire. We include follow-up coverage of every release by leveraging the ever-expanding audiences of the 50+ brands that make up the InvestorBrandNetwork.
Get more out of your next press release with InvestorWire. It’s unlike anything you’ve seen before.
For more information, please visit https://www.investorwire.com
Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer
InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.investorwire.com
[email protected]
InvestorWire is part of the InvestorBrandNetwork.