Canadian Marijuana Company Red White & Bloom Q2 Revenue In Line YoY, Touts ‘Notable Strides On Several Strategic Initiatives’
Canadian cannabis company Red White & Bloom Brands Inc. (CSE:RWB) (OTC:RWBYF) reported its financial results for the second quarter ended June 30. The Toronto, Ontario-based operator disclosed revenue of CA$22.0 million ($16.33 million) compared to CA$21.7 million in the same period last year.
“In the second quarter, we made notable strides on several strategic initiatives. We advanced refinancing agreements with our strategic lenders, moved closer to opening five new retail locations in Florida in anticipation of stronger legalization prospects, established key distribution partnerships in California to boost market penetration and strengthened our vendor relationships. Additionally, we worked to mitigate supply chain risks in Michigan by securing value-added crop commitments for quality biomass,” stated company president Colby De Zen.
“These initiatives and investments are expected to drive incremental EBITDA growth in the second half of fiscal 2024. This follows a substantial increase in EBITDA to $7.1 million in the first six months of 2024, representing a year-over-year improvement of over $8 million. Our …