The female-led, vertically-integrated cannabis company Gold Flora Corporation GRAM reported robust financial results for the third quarter ending September 30, 2023, showcasing substantial growth and financial strength.
“We are focused on winning in California and have built a platform that will allow us to become one of the top operators in the state,” said Gold Flora’s CEO Laurie Holcomb.
See Also: Female-Led Cannabis Company Launches CURRENT To Meet Demand For Curated Craft Flower
Q3 2023 Key Financial Highlights
- Total Revenue: Q3 2023 total revenue surged to an impressive $32 million, marking a remarkable 95% year-over-year increase from Q3 2022, which recorded $16,420 in total revenue.
- Gross Profit: The company achieved a gross profit of $11.3 million, demonstrating a commendable 35% gross margin, reflecting operational efficiency.
- Adjusted Gross Profit: The California-based company reported an adjusted gross profit of $18.1 million, translating to an exceptional 57% adjusted gross margin. This figure excludes operating expenses, U.S. tax code 280E adjustments, and non-recurring inventory adjustments.
- Net Income: Q3 2023 net income reached an impressive $23 million. Notably, this figure includes a non-cash $49 million bargain purchase gain realized on the Business Combination with TPCO Holding Corp.
- Adjusted EBITDA Performance: Despite an Adjusted EBITDA loss of $1.7 million in Q3 2023, it’s important to note that this metric was impacted by the Business Combination with TPCO Holding Corp., including associated transaction and integration costs.
- Liquidity Position: As of September 30, 2023, Gold Flora boasted a robust financial position with cash and cash equivalents totaling $32.3 million.
“(…) This true vertical integration has minimized our reliance on third-party biomass, manufacturing, and distribution suppliers, de-risking our operations and allowing us to extract margin across the supply chain while delivering the highest-quality products for our consumers,” said Holcomb.
Price Action
GRAM’s shares were trading 3.24% down at $0.1089 per share at the time of writing on Tuesday afternoon.
Read Next: Cannabis Boom: U.S. Leads World With 54M Consumers As Seniors, Not Youth, Drive Growth
Image by El Planteo