Female-Led Cannabis Company Sees 95% YoY Growth & $32M Revenue As It Gallops Across California

Author: Joana Scopel | November 14, 2023 09:42pm

The female-led, vertically-integrated cannabis company Gold Flora Corporation (OTCPK: GRAM) reported robust financial results for the third quarter ending September 30, 2023, showcasing substantial growth and financial strength.

"We are focused on winning in California and have built a platform that will allow us to become one of the top operators in the state,” said Gold Flora's CEO Laurie Holcomb.

Q3 2023 Key Financial Highlights

Total Revenue: Q3 2023 total revenue surged to an impressive $32 million, marking a remarkable 95% year-over-year increase from Q3 2022, which recorded $16,420 in total revenue.
Gross Profit: The company achieved a gross profit of $11.3 million, demonstrating a commendable 35% gross margin, reflecting operational efficiency.
Adjusted Gross Profit: The California-based company reported an adjusted gross profit of $18.1 million, translating to an exceptional 57% adjusted gross margin. This figure excludes operating expenses, U.S. tax code 280E adjustments, and non-recurring inventory adjustments.
Net Income: Q3 2023 net income reached an impressive $23 million. Notably, this figure includes a non-cash $49 million bargain purchase gain realized on the Business Combination with TPCO Holding Corp.
Adjusted EBITDA Performance: Despite an Adjusted EBITDA loss of $1.7 million in Q3 2023, it's important to note that this metric was impacted by the Business Combination with TPCO Holding Corp., including associated transaction and integration costs.
Liquidity Position: As of September 30, 2023, Gold Flora boasted a robust financial position with cash and cash equivalents totaling $32.3 million.

"(...) This true vertical integration has minimized our reliance on third-party biomass, manufacturing, and distribution suppliers, de-risking our operations and allowing us to extract margin across the supply chain while delivering the highest-quality products for our consumers," said Holcomb.