Red White & Bloom Brands Inc. (CSE: RWB and OTCQX: RWBYF) (“RWB” or the “Company”), a multi-state cannabis operator and house of premium brands, is pleased to announce certain results for Q1 2021 and the 2020 fiscal year presented in Canadian dollars.
The Company reports adjusted sales1 for the first quarter of $32.2 million, a sequential increase of 2.4% from the prior quarter’s adjusted sales of $31.4 million in Q4 2020. The increase was reduced by the strengthening Canadian dollar and would have been +5.5% using a constant dollar comparison. The Company is also pleased to announce it has achieved positive adjusted EBITDA of $460,000 for Q1 2021.
These select financial results do not include RWB Michigan (assets currently being migrated to RWB), RWB Florida (closed April 28th, 2021) and RWB Illinois (waiting on Illinois regulatory approval) which will be reported as they become operational and/ or closed.
An Investor call will be scheduled closer to when the 2020 audited results are made available to the public.
Brad Rogers, Chairman & CEO commented, “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, makes 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.”
