RWB Also Announced the Company Achieved Positive Adjusted EBITDA of $460,000 for the First Quarter of 2021
Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) announced that the company has released certain financial results for the first quarter of 2021, as well as the 2020 fiscal year. All figures are in Canadian dollars.
Red White & Bloom reported adjusted Q1 2021 revenue of $32.2 million, up 2.4% from the $31.4 million reported in Q4 2020. The company noted that, as a result of a strengthening Canadian dollar, its increase in revenue was reduced. Had the Canadian dollar remained stable, RWB would have seen an increase in sales of roughly 5.5%. RWB also announced the company achieved positive adjusted EBITDA of $460,000 for Q1 2021.
While these figures are certainly impressive on their own, it’s important to note that the financial results released by Red White & Bloom do not include any earnings from RWB Michigan, RWB Florida or RWB Illinois.
With RWB Michigan’s assets currently being migrated to RWB, RWB Florida having just closed at the end of April 2021 and RWB Illinois waiting on regulatory approval, the company will report all earnings from Michigan, Florida and Illinois once their respective operations come online and/or deals close.
The company said it will schedule an investor conference call to discuss its financial results around the time the 2020 audited earnings are set to be released publically.
Trending: Red White & Bloom Completes Much Anticipated Last Step to Close Large Michigan Acquisition Making Them the Largest Operator in the $1.8B Market
Comments From Brad Rogers, Chairman & CEO of RWB
“As disappointed as we are with the delay in filing our financials, I want to first and foremost extend our best wishes for a speedy recovery to our MNP partner in this most unfortunate and unprecedented circumstance.
On the business front, finally having completed the most arduous step in licensing for the Company, we now have a clear path to gain control of the assets in Michigan, formerly nurtured by our investee. We also have the ability and roadmap to expand our cultivation footprint, open new stores, and over the coming weeks start rebranding our existing dispensaries in Michigan to High Times. Those assets when coupled with the significant market share of our Platinum brands make us a significant player in Michigan—and we’re actually just getting started.
Our goals for 2021 are simple; build upon our Michigan footprint and focus on growing market share and expanding our bottom line. In Florida and Illinois, we are earlier in the THC business cycle but will start in Florida with our immediate cultivation expansion as we ready to open additional stores later this year. On top of all this, we will look to more strategic relationships and enter additional States for a ‘brands only’ strategy with minimal CAPEX spend.
Shareholders should really take note of all the great deals we’ve consummated in a very short period of time while paying a fraction for M&A that many of our peers have. This hard work should bode well for the Company as our systems, SOPs and team are now integrated to grow our top and bottom line into the end of the year.”
– RWB Chairman & CEO Brad Rogers
RWB Price Action & Stock Chart
Shares of Red White & Bloom’s CSE-listed RWB stock closed Monday’s trading session up another +1.52% at $1.34 per share. The company’s American listed RWBYF shares closed the day at $1.095, down -0.45% on the day.
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