RWBYF - InvestorNewsBreaks - Red White & Bloom Brands Inc. (CSE: RWB) (OTC: RWBYF) Files Documents Reporting Financial Results for Q4 FY 2023
Red White & Bloom (CSE: RWB) (OTC: RWBYF), a multistate cannabis operator and house of premium brands, has filed key required documents for fiscal year 2023. Included among the documents filed are RWB’s Consolidated Audited Financial Statements, Management's Discussion and Analysis, and other related certifications. The documents show the company’s financial results for fourth-quarter 2023 and fiscal year 2023. According to the documents, the company’s annual revenue for 2023 totaled $88.3 million, a $0.6 million increase from FY 2022 revenues of $87.7 million. Gross profit came in at $29.5 million, a 30% increase from the $22.7 million reported for 2022, and Adjusted EBITDA for fiscal 2023 increased to $5.5 million. The company also reported several key company achievements for the year, including the acquisition of the Aleafia group of companies and the successful expansion into the rapidly growing Ohio cannabis market. “RWB continued to effect value-added transformations of its business during fiscal 2023,” said Red White & Bloom president and director Colby De Zen in the press release. “We focused on higher margin revenue opportunities and sunsetting of low-margin products, as can be seen in our results, which has led to a 30% increase in gross margin with revenue only increasing marginally over the same period. Moving into fiscal 2024, the company has targeted several near-term priorities, including a fulsome restructuring of its current financing arrangements, resourcing its key business segments, both in Canada and across incumbent and prospective U.S. states, providing a path for our company and its valued team members to achieve profitable growth and sustainable liquidity. In addition, in fiscal 2024, post our fiscal 2023 close, RWB successfully completed the acquisition of the former Aleafia group of companies, providing RWB with a North American and international cannabis footprint in advance of potential U.S. federal legalization. The company has also positioned itself to capitalize on market opportunities in jurisdictions, such as Florida and its emerging legalization movement, where our prior strategic investments will provide the ability to establish a stronghold. RWB management remains focused on its commitment to further streamline operations, expand and leverage its brand equity through its asset light licensing arrangements, rationalize discretionary expenditures and focus on procurement initiatives that will drive profitability.”
To view the full press release, visit https://ibn.fm/nfVbn
About Red White & Bloom Brands Inc.
Red White & Bloom is a multistate 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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