Red White & Bloom Brands reports Q3 revenue C$25.5M vs. C$11.2M last year

Colby De Zen, President, and Director, stated, "In Q3, we were able to continue to drive significant revenue, SG&A, and balance sheet improvements over 2021. We continue to proactively rationalize SG&A spend while remaining focused on driving growth through the expansion of product offerings and geographic footprint utilizing our asset-light strategy and profitability by selectively expanding branded offerings in higher margin product categories. The third quarter also saw the Company complete the largest debt restructuring in our history resulting in a marked improvement in near-term liquidity through the extension of loan maturities and new financing. The achievement of positive adjusted EBITDA is a great milestone and there are still significant balance sheet improvements that continue to be implemented in Q4. The progress made to date is only the beginning of RWB's success on its path to profitability and growth. We are achieving operational improvements throughout the organization and have bolstered the management team while reducing headcount throughout the Company. We continue to increase the depth and breadth of the Platinum line while aggressively monitoring our costs. In Florida, our St. Petersburg location commenced operations in the third quarter and our recently announced Clearwater location is anticipated to open in Q4 as scheduled. Renovations and fixturing of other locations continue as we aggressively drive the expansion of our retail footprint."