Vancouver, British Columbia-based cannabis producer Rubicon Organics said it recorded adjusted EBITDA profitability, net profit from operations and positive free cash flow in its quarter ended Sept. 30.
Even if it represents only one quarter, the trifecta of positive results is a rare achievement in Canada, where competing standard producers have lost billions of dollars to date.
Rubicon reported a profit from operations of 2.03 million Canadian dollars ($1.51 million) in the third quarter, an improvement over the CA$3.62 million loss in the same quarter last year.
Adjusted EBITDA was CA$1.9 million in the July-September period, compared with negative adjusted EBITDA of CA$644,000 in the same period in 2021, according to a news release.
Rubicon also said it recorded operating cash flow of CA$1.4 million and positive free cash flow of $400,000 for the three months ended Sept. 30, 2022.
The company credited its achievements to
Read full article on Marijuana Business Daily