Rubicon Organics Inc. reported $12.1 million in net revenue in the three months ended June 30, 2024, but a loss of $454,164 in its Q2 2024 report. 

This represents an increase in net revenue for the BC cannabis company compared to Q2 2023 (7%) but also an increase in losses. The company says it has experienced a decline in net revenue over the past two quarters due to softened demand in Alberta, Ontario, and Quebec, and the overall economy in Canada.

Rubicon sells various cannabis products, including flower, topicals, and edibles, in Canada under the Simply Bare, 1964 Supply Co, Homestead, and Wildflower brands. Rubicon also recently began selling cannabis vapes under the 1964 brand.

For the period ended June 30, 2024, Rubicon determined the weighted average fair value less costs to sell cannabis was approximately $1.41 per dried gram, up from $1.45 per dried gram as of December 31, 2023.

The company says it observed a year-over-year downturn in both the premium flower and pre-rolls categories from Q2 2023 to Q2 2024, with pre-rolls experiencing a more pronounced decline than premium flower.

“Rubicon Organics’ house of premium brands remains the #1 premium licensed producer in Canada,” said Margaret Brodie, Rubicon’s CEO, in a press release. “I expect this leadership position to grow with our entry into the vape sector where two strains were launched in Q2 2024. I’m proud to report that we have already seen our national distribution hit over 40% of stores in the first two months of sales to July. I expect this growth momentum to continue as we expect to have five vape strains in market by year-end,”