Canadian Cannabis Producer Reduces Net Loss In Q2, Reports Drop In Revenue And Gross Profit Improvement

Author: Jelena Martinovic | August 29, 2023 09:55am

Red White & Bloom Brands Inc. (CSE:RWB) (OTC:RWBYF) reported on Tuesday its condensed interim consolidated unaudited financial results for its second quarter ended June 30, 2023.

Q2 2023 Financial Highlights

Revenues were CA$21.9 million ($16 million), down from CA$27.4 million in the prior year’s period.
Gross profit, before fair value adjustments, was CA$6.9 million, up from CA$4.8 million in the same quarter of last year.
Total operating expenses were CA$9.8 million, down from CA$13.3 million in the corresponding period of last year.
Net loss was CA$ 9.4 million, down from CA$ 17.6 million in the second quarter of fiscal 2022.
Adjusted EBITDA came in positive at CA$252,778 compared to a negative adjusted EBITDA of CA$6.3 million in the second quarter of last fiscal year.
As of June 30, the company had CA$310.7 million in total assets and CA$305.7 million in total liabilities.

“Through our continuing cost rationalization efforts, the Company has been able to successfully generate nearly $4 million (fiscal year to date) in reductions to its general and administrative expenses,” said Colby De Zen, president of RWB. “The company has also recently invested in optimizing its manufacturing facilities through value-added enhancements, driven by automation and procurement strategies, designed to drive both labor and product cost efficiencies as well as an increase in overall production capacity.”

To learn more about how companies in cannabis industry manage to stay afloat amid falling prices and a product glut come join as at the Benzinga Cannabis Capital Conference, the place where deals get done. The event is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.