Red White & Bloom (CSE: RWB) (OTCQX: RWBYF), a multistate cannabis operator and house of premium brands in the U.S. legal cannabis sector, has filed Q3 financial statements, management discussion and analysis, and accompanying certificates for the period ended Sept. 30, 2022. Highlights of the report include a 128% increase in revenue from Q3 2021, with total revenue for Q3 2022 reaching $25.5 million; revenue for the nine-month period also ending Sept. 30, 2022, reached $80.9 million, a 133% increase over the same period in 2021; and gross profit before fair value adjustments for biological assets for Q3 2022 totaled $9.6 million, a 65% increase over the same period ended in 2021 and a 102% increase from Q2 2022. In addition, general and administrative expenses were down; Q3 numbers totaled $3.188 million compared to $11.920 million in Q3 2021. The report also noted that positive adjusted EBITDA for the third quarter was $3.3 million while the company also completed a comprehensive debt restructuring during the quarter, improving its near-term liquidity by more than $100 million. Corporate highlights included the fact that Platinum Vape continues to be the No. 1 vape brand in Michigan, while the company also launched Platinum Skybar and Gummies during the quarter, which are now carried by more than 300 dispensaries. “We have successfully delivered our components to our partner in Missouri for the launch of Platinum-branded products,” said Red White & Bloom COE Brad Rogers in the press release. “The Platinum introduction has exceeded our expectations with a significant percentage of the dispensaries in Missouri already carrying the Platinum product with multiple reorders received by the company in Q4. We are in late-stage negotiations with various partners for the expansion of Platinum into other states as it continues to build towards establishing itself as the premier cannabis brand in the United States. We are looking forward to continuing to leverage the strengthening position of RWB in new and existing states.”
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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 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.
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