Rubicon Organics reported a modest profit of 889,166 Canadian dollars ($656,000) in its fourth quarter ended Dec. 31, 2023, but the cannabis producer’s loss for the fiscal year amounted to CA$1.1 million.
Rubicon’s net revenue for the year was CA$40.1 million, a 13% increase over 2022’s sales of CA$35.5 million, according to the Vancouver, British Columbia-based company’s financial results.
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Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of profitability, was CA$4.4 million for the year, an increase from almost CA$2 million in 2022.
Rubicon says it’s the national leader in the premium concentrate market, with a 15.2% share, citing data from analysis company Hifyre.
The company also said the national market share of its premium flower and pre-rolls was 6.9%.
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