RWBYF - InvestorNewsBreaks - Red White & Bloom Brands Inc. (CSE: RWB) Releases Q1 2024 Financial Report Business Update
Red White & Bloom (CSE: RWB), a multistate cannabis operator and house of premium brands, has filed its Condensed Interim Consolidated Financial Statements, Management's Discussion and Analysis, and other associated certifications for first quarter 2024, the period ended March 31, 2024. In addition, the company noted that it will be holding its Annual General Meeting on on June 14, 2024. Business highlights from the report include the closing on the acquisition of the intellectual property assets of Aleafia Health; the OMMU approval of the company’s manufacturing facility in Sanderson, Florida; and the debut of Platinum Vape 5/10 distillate cartridges and disposables at all active company medical retail locations in Florida. In addition, the company noted that it expects adult use sales to begin in Ohio in the next 60–90 days. Financial highlights of the report include revenues of $22.6 million for the quarter, a $2.7 million increase over the previous quarter; gross profit, before fair value adjustments, totaled $7.9 million, a $0.5 million increase over the previous quarter; operating expenses of $12.1 million, an increase of $2.9 million over Q1 2023 operating expenses; other income reported at $3 million; and EBITDA was $5.1 million compared to negative EBITDA of $89.7 million for Q4 2023-Q4 with Adjusted EBITDA totaling $0.1 million for the quarter, down $1.7 million from Q1 2023. “Despite the considerable efforts and focus on swiftly implementing the Aleafia integration, I am pleased to report that the execution of previously defined near-term priorities elsewhere in the company remain on target,” said Red White & Bloom president Colby De Zen in the press release. “We continue to make progress in finalizing the ongoing restructuring of our financing arrangements, expanding our asset-light approach in the U.S. for our award-winning brands, completing the expansion of our retail footprint in the state of Florida in fiscal 2024, and divesting all nonstrategic assets or operations by the close of fiscal 2024.”
To view the full press release, visit https://ibn.fm/DcXzB
About Red White & Bloom Brands Inc.
Red White & Bloom is a multijurisdictional cannabis operator and house of premium brands operating in the United States, Canada and select international jurisdictions. RWB is predominantly focusing its investments on major U.S. markets, including Arizona, California, Florida, Missouri, Michigan and Ohio, in addition to Canadian and international markets by virtue of its acquisition of the former Aleafia group of companies. For more information about the company, please visit www.RedWhiteBloom.com.
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