Cultivated Rogue International Inc. BIG SMILE income in Q2 2022 was $4.7 million compared to revenues of $1.54 million in the second quarter of 2021.
Q2 Financial summary 2022
Net profit was $144,734, compared to a net loss of $1.44 million in Q2 2021.
Gross profit was $2.22 million, compared to $607,166 in Q2 2021.
Ninth consecutive quarter of positive EBITDA
Fourth consecutive quarter of positive net income and positive operating cash flow, before change in working capital requirement
Subsequent to the end of the quarter, settlement of a debt of $700,000 with the exchange of 2.36 million shares of PBIC, which had a value of less than $160,000 at the date of the transaction
“Grown Rogue had another very strong quarter, posting positive operating cash flow, net income and free cash flow,” said Obie Strickler, CEO of Grown Rogue. “In the second quarter, we estimate we had one of the lowest average domestic selling prices of any public cannabis company at $872 per pound of whole flower ($1.92 per gram) while posting operating cash margins of 23%, before changes in working capital,” Stricker continued. “We continue to evaluate opportunities in new markets where we can bring our handcrafted quality and efficiency to provide greater access for patients and consumers. Oregon had a particularly strong quarter with revenue up 70% quarter over quarter even though the overall market was down slightly. The company launched pre-rolls in Michigan during the quarter and we are pleased with the initial receptivity in this category. I couldn’t be more proud of our team because we were north of $1 million in aEBITDA for the third consecutive quarter and established Grown Rogue as the consistent market leader in Oregon’s flower market, one of the most competitive states in the United States. We are focused on laser to continue to become more efficient, while staying on trend with cutting edge genetics and quality.”
Grown Rogue is ending its joint venture with Pure Extracts
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