Business
Green Rise Foods Announces Full Year 2022 Financial Results and 2023 Crop Update
Toronto, Ontario--(Newsfile Corp. - April 20, 2023) - Green Rise Foods Inc. (TSXV: GRF) ("Green...
About this update from Green Rise Foods Inc
[{"type":"text","content":"Green Rise Foods Announces Full Year 2022 Financial Results and 2023 Crop UpdateToronto, Ontario--(Newsfile Corp. - April 20, 2023) - Green Rise Foods Inc. (TSXV: GRF) (\"Green Rise\" or the \"Company\") is pleased to announce the release of its consolidated financial results for the year ended December 31, 2022.The Company generated record produce revenue of $22.4 million with Adjusted EBITDA1 of $4.2 million for the fiscal year ended December 31, 2022.Year-to-Date Financial ResultsAchieved record revenues of $23.1 million for the fiscal year ended December 31, 2021, a 31% increase over $17.7 million realized in the prior year period.Generated Adjusted EBITDA1 of $4.2 million for the fiscal year ended December 31, 2022, compared to $0.5 million realized in the prior year period. The complete audited consolidated financial statements and associated Management's Discussion and Analysis (\"MD&A\") are available under the Company's profile at www.sedar.com.Fiscal 2023 Crop Update:\"We completed planting our 2023 crop program in Q1 of this year. Specifically, 27 acres of specialty medley tomatoes, 9 acres of piccolo specialty tomatoes, 20 acres of beefsteak tomatoes and 16 acres of specialty mini-sweet peppers. The growers, along with our crop consultants and our greenhouse staff continually monitor the controlled environment to ensure that the high-quality produce is picked, packed, and then shipped at the optimal point. The procurement team has worked diligently with our marketing partner, Mastronardi Produce Ltd., to manage costs and ensure the highest quality of inputs are used to produce Sunset branded fresh produce for the North American Market. Our Operational Team continues to efficiently manage our labor while stabilizing packaging and utility costs to better serve our shareholders. Conditions look positive and we look forward to a bountiful year,\" said Vincent Narang, Chief Executive Officer of Green Rise. ABOUT GREEN RISEGreen Rise is a grower of fresh produce with 72 acres of greenhouse ranges located in Leamington and Kingsville, Ontario. The \"best-in-class\" contract grower of fresh produce, the Company takes pride in providing high-quality, consistent, and reliable product to meet the growing consumer demand for locally grown fresh produce. The Company is proud to be an environmentally sustainable investment, pr...