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Rubicon Organics Inc. (TSXV:ROMJ) (OTC:ROMJF), a leading producer of organic certified, premium cannabis, has reported its financial outcomes for the year ended December 31, 2023, showcasing significant growth.
The company achieved a net revenue of $40.1 million, marking a 13% increase from the previous year, driven by its diversified product portfolio and strong brand presence in the premium cannabis sector.
Janis Risbin, CFO, noted "I am pleased to announce that Rubicon has attained its seventh consecutive quarter of positive Adjusted EBITDA and sixth consecutive quarter of positive operating cashflow. Despite the challenges faced in the latter half of 2023 due to competitive pricing pressures in the Canadian cannabis sector and broader negative macroeconomic factors affecting Canadian consumers, we are optimistic about the prospects in 2024."
The gross profit before fair value adjustments was reported at $14.1 million, reflecting a 15% increase from 2022. This growth in gross profits underscores Rubicon Organics' efficient operational strategies and commitment to quality, which have been instrumental in maintaining competitive gross margins.
Adjusted EBITDA for the year stood at $4.4 million, signifying the company's seventh consecutive quarter of Adjusted EBITDA profitability. Operating cash flow reached $5.0 million, marking the company's sixth consecutive quarter of positive operating cash flow.
Rubicon Organics continues to command a significant presence in the premium cannabis market, with notable market shares in premium flower, pre-rolls, and concentrates. The company's Wildflower™ brand has become the top topical brand in Canada, boasting a 21.8% market share.
Despite competitive pressures and economic challenges in 2023, Rubicon Organics looks ahead to 2024 with optimism. The company stated that it's excited about the launch of full spectrum extract resin vapes under the 1964 Supply Co., anticipating this to be a significant growth driver. With its strong financial foundation and market position, Rubicon Organics is poised for continued success in the evolving cannabis landscape.
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