TORONTO, July 18, 2025 — Red White & Bloom Brands Inc. (CSE: RWB) (“RWB” or the “Company”) is pleased to report that it has filed its consolidated audited financial statements for the year ended December 31, 2024 (the “Financial Statements”), together with the related management’s discussion and analysis (“MD&A”), and accompanying CEO and CFO certifications (collectively, the “Annual Filings”).
As previously disclosed, the Company’s Annual Filings and its interim financial statements and MD&A for the three-month period ended March 31, 2025 (the “2025-Q1 Filings”) were delayed beyond the prescribed deadlines under applicable Canadian securities laws. As a result, a failure-to-file cease trade order (“FFCTO”) was issued by the applicable securities regulator, effective July 3, 2025.
With the Annual Filings now completed, the Company is working diligently to finalize and file the 2025-Q1 Filings. The FFCTO will remain in effect until the 2025-Q1 Filings are completed and the applicable securities regulator revokes the order.
2024 Fourth Quarter (“2024-Q4”) Consolidated Results Compared to Restated 2023 Fourth Quarter (“2023-Q4”)
- Revenues were $18.7 million for 2024-Q4, representing a $2.8 million increase compared to restated 2023-Q4 revenues of $15.9 million.
- Gross profit, after fair value adjustments, was $5.4 million for 2024-Q4, a decrease of $5.1 million from restated 2023-Q4 gross profit after fair value adjustments of $10.6 million.
- Operating expenses totaled $9.1 million for 2024-Q4, a decrease of $3.7 million compared to restated 2023-Q4 operating expenses of $12.8 million.
- EBITDA was $6.3 million for 2024-Q4, an increase of $97.6 million compared to restated 2023-Q4 negative adjusted EBITDA of $91.3 million which included $94.6 million in non-cash impairments.1
Fiscal Year 2024 (“2024-YTD”) Consolidated Results Compared to Restated Fiscal Year 2023 (“2023-YTD”)
- Revenues for 2024-YTD were $80.2 million, reflecting a $10.6 million increase compared to restated 2023-YTD revenues of $69.6 million.
- Gross profit, after fair value adjustments, for 2024-YTD totaled $28.4 million, an increase of $3.4 million from restated 2023-YTD gross profit after fair value adjustments of $25.0 million., marking an increase of $3.4 million.
- Operating expenses for 2024-YTD were $40.4 million, an increase of $9.4 million compared to restated 2023-YTD operating expenses of $31.0 million.
- EBITDA was $10.8 million for 2024-YTD, a net increase improvement of $99.76 million compared to 2023-YTD negative adjusted EBITDA of $89.0 million which included $94.6 million in non-cash impairments.
For additional details on the Company’s financial results, refer to the Company’s filings at SEDAR+: www.sedarplus.ca
About Red White & Bloom Brands Inc.
Red White & Bloom is a multi-state 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 California, Florida, Missouri, Michigan, and Ohio in addition to Canadian and International markets.
Visit us on the web: https://www.redwhitebloom.com/
