Cannabis producer Rubicon Organics Inc. (TSXV:ROMJ) (OTCQX:ROMJF) reported its third quarter financial results for the three months ended Sept. 30, 2024.

The British Columbia-based company achieved a record net revenue of CA$13.5 million ($9.6 million) for the quarter, representing a 34% increase year-over-year.

"Rubicon Organics continues to innovate and expand our product offerings, solidifying a strong market share in premium flower, pre-rolls, edibles, and more," said CFO Janis Risbin. "I'm particularly proud of the success of our 2024 vape launch, which has already achieved 55% distribution in just six months. Looking ahead, we expect to drive further growth in Canada and beyond, as we intend for new market entry in 2025."

Read Also: Rubicon’s Revenue Grows, Profit Margins Shrink In Q2– What’s Next For This Canadian Cannabis Company?

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Q3 2024 Financial Highlights

• Net revenue totaled CA$13.5 million, representing a 34% increase year-over-year.
• Gross profit before fair value adjustments was CA$4.4 million, representing a 35% year-over-year increase.
• Adjusted EBITDA came in positive at CA$2 million, up from CA$1.1 million in the prior year's period.
• Positive operating cash flow was CA$0.9 million.

Product And Brand Highlights

• Wildflower is one of Canada’s leading cannabis wellness brands, with a 27.8% market share in topicals.
• The company's premium edibles held a 28.5% market share in the third quarter of 2024.
• Rubicon launched 1964 Supply Co vape products, with strong growth and distribution already at 55% in six months.

ROMJF Price Action

Rubicon's shares traded 2.5263% lower at $0.2778 per share at the time of writing on Friday.

Read Next:

• Canadian Marijuana Company Rubicon Organics Reports Flat Revenue, Adjusted EBITDA Loss, Provides Positive Outlook