Cannabis producer Rubicon Organics Inc. ROMJ 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?

• Get Benzinga’s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you’re serious about the business, you can’t afford to miss out.

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: