Female-Led California Weed Co. Gold Flora's Net Loss Grows In Q4, Reports YoY Increase In Revenue & Gross Profit

Vertically-integrated California cannabis company Gold Flora Corporation GRAM announced its financial results on Friday for the three-month and twelve-month period ended Dec. 31, 2023.

“We have strategically built a solid foundation consisting of premier indoor cultivation, and full vertical operations with deep consumer insights that have enabled our business to continue to expand its leadership position in California,” Laurie Holcomb, CEO of Gold Flora said. “This platform, combined with our focus on high-quality, profitable revenue streams has allowed us to capture more margin across every step of the supply chain and, as a result, we achieved positive adjusted EBITDA in the quarter, and improved our adjusted gross margin to approximately 66%, ahead of some of the leading multi-state operators in the industry.”

Holcomb spoke about the challenges cannabis retailers in California face at Benzinga's fall cannabis event. The Benzinga Cannabis Capital Conference is returning to Florida at a new venue in Hollywood, on April 16 and 17, 2024.

"It’s like having two hands tied behind your back," she said referring to constrictive policies and taxing regimes that burden cannabis businesses in the Golden State.

Q4 2023 Financial Highlights

• Total revenue was $28.4 million, down from $31.9 million in the prior quarter, and up from $16.1 million in the prior year's period.
• Gross profit amounted to $13.2 million, representing a 46% gross margin, up 16% sequentially and 211% year-over-year.
• Adjusted gross profit of $18.7 million, representing a 66% adjusted gross margin, up 12% quarter-over-quarter, and 128% year-over-year.
• Net loss of $42.2 million, down from net income of $22.9 million in the prior quarter and $4.8 million net income in the prior year's period.
• Adjusted EBITDA came in positive at $105 000, compared to a negative adjusted EBITDA of $459 000 in the third quarter of 2023 and a $4.7 million adjusted EBITDA gain in the prior year's period.

See also: Female-Led Cannabis Company Sees 95% YoY Growth & $32M Revenue As It Gallops Across California

FY 2023 Financial Highlights

• Total revenue was $91 million, up from $65.6 million in 2022.
• Gross profit was $32.5 million, representing a 36% gross margin, up from gross profit of $15.7 million, representing a 24% gross margin in the prior year.
• Adjusted gross profit was $48 million, representing a 53% adjusted gross margin, up from $27.9 million, representing a 42% adjusted gross margin in 2022.
• Net loss was $42.7 million for FY 2023, compared to a $21.5 million net loss in the prior year.
• Adjusted EBITDA came in negative at $1.4 million, compared to a postive adjusted EBITDA of $7.1 million in 2022.
• Cash and cash equivalents totaled $22.5 million. 31, 2023.

GRAM Price Action

Gold Flora's shares traded 11.7647% lower at $0.375 per share after the market close on Thursday morning.

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on bzcannabis.com – Prices will increase very soon!