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Rubicon Organics Inc. (OTCQX:ROMJF) (TSXV:ROMJ) achieved record net revenue for Q1 2023 of CA$8.8 million ($6.5 million), a 71% increase from Q1 2022, primarily driven by the expansion of 1964 Supply Co, having a full year of sales in all key markets, continued range expansion, and a new hero strain with Comatose.
Q1 2023 Financial Highlights
Gross profit was CA$3.2 million compared to CA$2.5 million in Q1 2022.
Adjusted EBITDA of CA$168,665, compared to a negative Adjusted EBITDA of CA$1.5 million
Cash and cash equivalents at March 31st 2023, were CA7.6 million.
Net loss for the period was CA$575,047 compared to CA$1.5 million in Q1 2022.
“Despite the historical sluggishness of the first quarter in the cannabis industry, Rubicon Organics has demonstrated an impressive 71% revenue growth (vs Q1 2022) and has delivered positive adjusted EBITDA for the 4th consecutive quarter”, stated Margaret Brodie, interim CEO and CFO. “While acknowledging the ongoing challenges faced by the Canadian cannabis industry, including both licensed producers and retail stores, I maintain a positive outlook on the premium segment which continues to experience robust double-digit growth. With our diverse portfolio of consistent, high-quality products, Rubicon is well-prepared to meet the rising demand in this segment."
Photo by Giorgio Trovato on Unsplash
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