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Red White & Bloom Brands Inc. (OTCEM:RWBYF) (CSE:RWB) filed its consolidated audited financial statements, revealing revenue of CA$97.5 million ($72.4 million) for fiscal year 2022, an increase of 161.6% compared to CA$37.3 million in fiscal year 2021.
The company has also provided notice to the British Columbia Securities Commission of the aforementioned filings to commence the process of lifting the cease trade order implemented by the BCSC on May 8, 2023. Revocation of the CTO is expected to occur within a few days of today’s filing date.
Fiscal Year 2022 Financial Highlights
Gross profit before fair value adjustments was CA$27.5 million, an CA$8.0 million increase from CA$19.5 million in 2021.
Gross profit after fair value adjustments was CA$27.6 million, a CA$4.4 million increase CA$23.2 million in 2021.
Adjusted EBITDA was negative CA$1.2 million, a CA$26.9 million improvement compared to negative adjusted EBITDA of CA$28.0 million in 2021.
Net loss and comprehensive loss was CA$253.5 million compared to a loss of CA$84.6 million in 2021.
Q4 2022 Financial Highlights
Revenues were CA$16.5 million, a CA$14.0 million increase from Q4 2021 revenues of CA$2.5 million.
Gross profit, before fair value adjustments, was CA$1.7 million, a CA$7.5 million increase from Q4 2021 consolidated gross loss before fair value adjustments of CA$5.8 million.
Gross profit, after fair value adjustments, was CA$6.8 million, a CA$4.6 million increase from Q4 2021 consolidated gross profit after fair value adjustments of CA$2.2 million.
Adjusted EBITDA for 2022-Q4 was negative CA$2.2 million, a CA$32.8 million improvement compared to negative adjusted EBITDA of CA$35.0 million in Q4 2021.
Brad Rogers, CEO and chairman, stated, “With the successful launch of our distribution operations in Michigan in January 2022, the closing of our acquisition in Michigan of both retail and cultivation operations, and our continuing focus on expanding our medical retail in Florida, the company is focused on growing market share in its key states. We are also progressing on our asset-light strategies in targeted legal states incorporating both licensing arrangements and leveraging local execution capabilities in both manufacturing and logistics. To that end, RWB has now added the states of Arizona and Missouri and continues to proactively negotiate other high-potential, emerging legal markets.”
Photo by Thiago Patriota on Unsplash
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