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CannabisNewsBreaks – Red White & Bloom Brands Inc. (CSE: RWB) (OTC: RWBYF) Files Documents Reporting Financial Results for Q4, FY 2023

Red White & Bloom (CSE: RWB) (OTC: RWBYF), a multistate cannabis operator and house of premium brands, has filed key required documents for fiscal year 2023. Included among the documents filed are RWB’s Consolidated Audited Financial Statements, Management’s Discussion and Analysis, and other related certifications. The documents show the company’s financial results for fourth-quarter 2023 and fiscal year 2023. According to the documents, the company’s annual revenue for 2023 totaled $88.3 million, a $0.6 million increase from FY 2022 revenues of $87.7 million. Gross profit came in at $29.5 million, a 30% increase from the $22.7 million reported for 2022, and Adjusted EBITDA for fiscal 2023 increased to $5.5 million. The company also reported several key company achievements for the year, including the acquisition of the Aleafia group of companies and the successful expansion into the rapidly growing Ohio cannabis market. “RWB continued to effect value-added transformations of its business during fiscal 2023,” said Red White & Bloom president and director Colby De Zen in the press release. “We focused on higher margin revenue opportunities and sunsetting of low-margin products, as can be seen in our results, which has led to a 30% increase in gross margin with revenue only increasing marginally over the same period. Moving into fiscal 2024, the company has targeted several near-term priorities, including a fulsome restructuring of its current financing arrangements, resourcing its key business segments, both in Canada and across incumbent and prospective U.S. states, providing a path for our company and its valued team members to achieve profitable growth and sustainable liquidity. In addition, in fiscal 2024, post our fiscal 2023 close, RWB successfully completed the acquisition of the former Aleafia group of companies, providing RWB with a North American and international cannabis footprint in advance of potential U.S. federal legalization. The company has also positioned itself to capitalize on market opportunities in jurisdictions, such as Florida and its emerging legalization movement, where our prior strategic investments will provide the ability to establish a stronghold. RWB management remains focused on its commitment to further streamline operations, expand and leverage its brand equity through its asset light licensing arrangements, rationalize discretionary expenditures and focus on procurement initiatives that will drive profitability.”

To view the full press release, visit https://cnw.fm/GX98c

About Red White & Bloom Brands Inc.

Red White & Bloom is a multistate cannabis operator and house of premium brands operating in the United States, Canada and select international jurisdictions. RWB is predominantly focusing its investments on major U.S. markets, including Arizona, California, Florida, Missouri, Michigan and Ohio, in addition to Canadian and international markets by virtue of its acquisition of the former Aleafia group of companies. For more information about the company, please visit www.RedWhiteBloom.com.

NOTE TO INVESTORS: The latest news and updates relating to RWBYF are available in the company’s newsroom at https://cnw.fm/RWBYF

About CannabisNewsWire

CannabisNewsWire (“CNW”) is a specialized communications platform with a focus on cannabis news and the cannabis sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled recognition and brand awareness. CNW is where breaking news, insightful content and actionable information converge.

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