Those who are currently on the hunt for stocks which might have recorded strong gains over the past week could do well to take a look into the Red White & Bloom Brands Inc (OTCMKTS:RWBYF) stock.
Over the course of the past week, the stock has garnered considerable attention from investors and managed to record gains of as much as 10%. The company, which is one of the well known multi-state cannabis companies and owns many premium brands, announced its financial results for the first fiscal quarter yesterday. Brad Rogers, which is the Chief Executive Officer and Chairman of the company, stated that it was another ‘great quarter’ for Red White & Bloom Brands.
So, let’s take a look at the actual numbers. In the first quarter, Red White & Bloom Brands managed to generate adjusted sales of as much as $32.7 million. That reflects a handsome rise of as much as 14.5% on a sequential basis from the adjusted sales of the previous quarter. In addition to that, it is perhaps important for investors to keep in mind that the strength of the Canadian dollar had actually reduced the sales figures. If the dollar comparison had been constant, then Red White & Bloom Brands would have generated $1 million more in the form of adjusted sales.
Market Reaction:
On Tuesday, RWBYF stock jumped 0.31% at $0.9150 with more than 380K shares, compared to its average volume of 351K shares. The stock has moved within a range of $0.8156 – 0.9590 after opening the trade at $0.9590. Over the past 52-week, the stock has been trading within a range of $0.6040 – 1.6500.
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