Canadian Weed Producer Red White & Bloom Narrows Loss, Reports 15% YoY Drop In Q1 Revenue As It Wraps Up Aleafia Acquisition
Portfolio Pulse from Jelena Martinovic
Canadian cannabis company Red White & Bloom Brands Inc. (CSE:RWB) reported a 15% year-over-year drop in Q1 revenue, wrapping up its acquisition of Aleafia Health Inc. The acquisition expands RWB's sales channels across Canada and internationally. Despite the revenue drop, the company narrowed its net loss from CA$6.5 million to CA$3.7 million.
May 31, 2024 | 3:56 pm
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Red White & Bloom Brands Inc. reported a 15% YoY drop in Q1 revenue but narrowed its net loss to CA$3.7 million. The acquisition of Aleafia Health Inc. expands its sales channels across Canada and internationally.
The acquisition of Aleafia Health Inc. is a significant strategic move that expands RWB's market reach. However, the 15% YoY revenue drop and increased operating expenses may offset the positive impact of the acquisition in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100