- Multi-state cannabis operator Red White & Bloom Brands is developing opportunities strategically in sizable cannabis markets such as Michigan, Florida, Illinois, California, Arizona, Oklahoma and Massachusetts
- The company recently announced it has secured full licensing for manufacturing both medical and adult use cannabis products in Michigan, one of its key markets
- Red White & Bloom has closed on a lease assignment for a 15,000-square-foot manufacturing, processing and distribution facility in the state
- In Florida, Red White & Bloom settled a CAD$5.1 million debt at a favorable conversion price, granting the company an accounting gain of approximately CAD$2.3 million
As Michigan enters into its third year under legislation allowing the legal sale of adult “recreational use” cannabis, multi-state cannabis operator Red White & Bloom Brands (CSE: RWB) (OTCQX: RWBYF) is celebrating corporate developments that include full licensing for manufacturing both medical and adult use cannabis products in the state.
“We will be expanding the wildly popular Platinum Vape brand to include gummies and chocolates to capitalize on the existing brand equity we command in Michigan,” CEO and Chairman Brad Rogers stated in a Jan. 18 announcement (https://cnw.fm/xBSgE).
Red White & Bloom Brands, also known simply as RWB, received adult recreational use prequalification status for manufacture in Michigan in September, allowing it to begin marketing itself to the state’s approximately 10 million residents.
The company has closed on a lease assignment for a 15,000-square-foot manufacturing, processing and distribution facility in Warren, Mich., which is part of RWB’s strategic planned acquisition of 18 Michigan dispensaries, four cultivation facilities and other significant real estate announced in September (https://cnw.fm/lbZ9H).
Eight of the dispensaries are already open with the remaining 10 in process, a January High Times article reports (https://cnw.fm/vFFnh).
“This Warren facility allows us to centralize distribution for our ‘house of premium brands’ in Michigan and finally report all of our Platinum Vape(TM) wholesale sales on a much less confusing and straightforward basis,” Rogers stated. “The facility provides the production capacity to expand sales of our award-winning brands from the 250+ Michigan dispensaries that carry them to the state’s 400+ dispensaries.”
Platinum Vape, also referred to as PV by the company, recorded a 93 percent YOY increase in revenues as of the close of the company’s Q3 period, gaining it recognition as a top-selling brand in the state by LeafLink’s marketplace analysis (https://cnw.fm/nbAcT).
Michigan’s cannabis sales were expected to approach $2 billion last year with a run-rate that falls behind only California and Colorado. RWB’s operations in California have granted its gummies, chocolates and premium cannabis flower popularity and the developments in Michigan will expand those products through Platinum Vape beyond California for the first time.
RWB also operates in Florida, Illinois, Massachusetts and Arizona. Its Florida operations have progressed rapidly in recent months, where the installation of 30 grow pods at the company’s 45,000-square-foot Apopka cultivation site heralded the beginning of Phase 2 expansion for the company there (https://cnw.fm/PGd3K).
In addition, Red White & Bloom announced Dec. 30 that it had refinanced the principal amount of a debt established in connection with RWB Florida LLC’s acquisition of all of the issued and outstanding shares of Acreage Florida, Inc.
At the same time, the company settled a CAD$5.1 million (US$4.0 million) debt at a favorable conversion price, granting the company an accounting gain of approximately CAD$2.3 million (US$1.8 million) (https://cnw.fm/MCbEV) and helping RWB to better position itself for growth in the coming year.
For more information, visit the company’s website at www.RedWhiteBloom.com.
NOTE TO INVESTORS: The latest news and updates relating to RWBYF are available in the company’s newsroom at https://cnw.fm/RWB
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