Canadian Cannabis Producer Red White & Bloom Narrows Q3 Net Loss As Revenue Stays Flat YoY
Red White & Bloom Brands Inc. (CSE:RWB) reported its condensed interim consolidated financial statements Friday for its third quarter ended Sept. 30, 2024. Canadian cannabis company disclosed quarterly revenue of CA$21.7 million ($15.47 million) compared to CA$20.1 million in the same period last year.
“Our primary focus has been, and remains, optimizing the business through careful analysis of all legacy, non-core assets and operations, with the goal of transitioning RWB into a profitable enterprise,” stated company president Colby De Zen. “Over the first nine months of the fiscal year, we have made significant strides toward achieving our strategic objectives. Our EBITDA has increased 20 times compared to the same period last year, reaching approximately $7.5 million. Adjusted EBITDA stands at $9.6 million for the same period. These improvements reflect all of the RWB team’s efforts in achieving more profitable revenue streams through organizational efficiencies and exiting unprofitable …