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.
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