Skip to main content

InvestorNewsBreaks – Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) Releases Q2 Financial Report, Update

Red White & Bloom (CSE: RWB) (OTCQX: RWBYF), a multistate cannabis operator and house of premium brands, is reporting on its Q2 2022 financial statements and has filed its report and other related management’s discussion and analysis for the period ended June 30, 2022. Highlights of the report include an increase in second quarter revenue of 225%, with revenue coming in at C$27.4 million, up from C$12.2 million in Q2 2021; revenue for the six months ended June 20 also increased, totaling C$55.4 million, a 235% increase over the C$23.6 million reported last year in the same period; and executed agreements for much anticipated PV licensed product for distribution in two high potential states. The company also reported that it had paid down C$51.7 million debt, eliminating C$6.2 million of annual interest expense. The report also noted that Q2 2022 is the first full quarter the company operated the PharmaCo assets; the company also closed on the sale of its Granville, Illinois, greenhouse along with associated real estate and greenhouse equipment. And in June, Red White & Bloom entered in an agreement with C3 Industries to license its PV brand in Missouri and Massachusetts. “Q2 saw another significant improvement over 2021 in revenue and marked our first full quarter with operational control in Michigan of the newly acquired retail assets,” said Red White & Bloom CEO and chair Brad Rogers in the press release. “This quarter we began to rationalize SKU management at our eight operating dispensaries in Michigan, discounted and discontinued nonperforming SKUs to optimize sales velocity and revenue per square foot. As I mentioned in my last update, Michigan continues to see significant price compression within the wholesale industry. As such we have responded with substantial operational improvements and have leveraged our purchasing power to further reduce our average cost per unit while increasing unit sales with our Platinum Vape (‘PV’) branded product line. In Michigan, June was an incredibly strong month as we moved aggressively to expand shelf space and ended up with a record month for units sold, further fortifying Platinum as the leading brand in Michigan . . . . On the finance front, Q2 includes the financial reporting of the elimination of over $50 million of our credit facility. We continue to streamline the operation to reduce our overall operational costs. With the first half of 2022 now behind us, we are committed to driving profitable growth throughout the organization through disciplined execution as we set our eyes to achieving positive EBITDA by the end of this fiscal year.”

To view the full press release, visit https://ibn.fm/mGUQc

About Red White & Bloom Brands Inc.

Red White & Bloom is a multistate cannabis operator and house of premium brands in the U.S. legal cannabis and hemp sector. RWB is predominantly focusing its investments on the major U.S. markets, including Arizona, California, Florida, Massachusetts and Michigan. For more information about the company, please visit www.RedWhiteBloom.com

NOTE TO INVESTORS: The latest news and updates relating to RWBYF are available in the company’s newsroom at https://ibn.fm/RWBYF

About InvestorWire

InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent.

As part of its service, InvestorWire provides coverage of noteworthy announcements. To further expand visibility of achievements being made throughout a multitude of sectors, InvestorWire’s syndication partners have extended the digital coverage to include individual broadcasts on financial websites and platforms visited by millions of investors daily.

For more information, please visit https://www.InvestorWire.com

Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer

InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.InvestorWire.com
Editor@InvestorWire.com

InvestorWire is part of the InvestorBrandNetwork.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.