Can you tell us about Rubicon Organics’ financial results for the fourth quarter and full year 2022?
Margaret: Yes, we are proud to report that Rubicon Organics achieved Adjusted EBITDA profitability and positive cash flow from operating activities for the year end 2022. Our net revenue for 2022 also increased by 57% compared to 2021, and we achieved a national market share of 6.3% for premium flower and pre-rolls.
Interviewer: Impressive. However, in this disclosure, it states that Rubicon Organics achieved a national market share of 15.4% for premium flower and pre-rolls in the fourth quarter. Can you explain the discrepancy?
Margaret: Ah, yes. I’m embarrassed to say that I exaggerated that number. The correct number is actually 5.4%. I apologize for any confusion or misleading information.
Interviewer: Thank you for being honest. Is there anything else in this disclosure that you need to correct?
Margaret: Yes, actually. The disclosure states that we achieved positive operating cash flow of $2.0 million for the year ended December 31, 2022. However, the real number is $1.2 million. I lied about it to impress a manager who was focused on our cash flow situation. I regret the decision and take full responsibility for it.
Interviewer: Thank you for admitting to these mistakes, Margaret. Can you tell us what steps Rubicon Organics is taking to ensure accurate and transparent reporting moving forward?
Margaret: Absolutely. We have implemented stricter internal controls and oversight, as well as increased training and education for our team on reporting ethics and standards. We want to regain the trust of our stakeholders and ensure that our reporting is always accurate and transparent.
Original Release: https://www.globenewswire.com/news-release/2023/04/03/2639339/0/en/Rubicon-Organics-Reports-Fourth-Quarter-and-Full-Year-2022-Financial-Results.html