Red White & Bloom (CSE: RWB) (OTCQX: RWBYF), a multistate cannabis operator and house of premium brands, has reported its second quarter 2021 financials. The report includes the news that adjusted sales for the first six months reached $58.5 million, with revenue for Q2 2021 topping $13.3 million compared to $11.8 million in Q1 2021, an increase of 13%. The company’s gross margin for the period was $9.5 million. The company also noted that it was able to reduce its short-term obligations through repayment of approximately $18 million of debt and restructuring of more than $20 million into long-term debt. Corporate highlights for RWBYF include closing on the acquisition of Acreage Florida, a property that is licensed to operate medical marijuana dispensaries, which includes processing facility and a cultivation facility, as well as obtaining 30 double-wide, fully enclosed cultivation pods that will provide approximately 19,000 square feet of turnkey cultivation space. The company also has completed the more comprehensive portion of Michigan’s two-step application process for medical marijuana licensing through a wholly owned operating subsidiary. “We continue to make great strides with our branded products and see momentum in Q2, which has teed up Q3 nicely, and will translate into a strong second half,” said Red White & Bloom chair and CEO Brad Rogers in the press release. “In Florida, after closing the acquisition at the end of April, we have made strategic investments that are allowing us to quickly ramp up capacity as well as complete construction for new store openings before the end of 2021. Under IFRS, revenue for the second quarter was up 13% over the first quarter of this year. Even with the growth in recognized revenue, it’s important to note that in the second quarter, there were a number of significant raw material inventory purchases made to support growth for Q3 and in anticipation of new branded product line launches; we want to point out that, under IFRS, these purchases reduced recognized revenue for PV in Michigan. We continue to present the Adjusted Sales to assist investors in understanding the growth and demand for our brands in the US cannabis market.”
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About Red White & Bloom Brands Inc.
Red White & Bloom Brands is positioning itself to be one of the top-three, multistate cannabis operators active in the U.S. legal cannabis and hemp sector. RWB is predominantly focusing its investments on major U.S. markets, including Michigan, Illinois, Massachusetts, Arizona and California, with respect to cannabis, as well as the United States and internationally for hemp-based CBD products. For more information about the company, please visit www.RedWhiteBloom.com.
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