- RWB marked 2021 with strategic acquisitions, with the most notable of them being Acreage Holdings Inc. and a 45,000 square foot greenhouse in Apopka, Florida
- These strategic investments would see the company steadily grow its revenue, marking a 93% year-over-year growth by Q3
- The year also marked notable appointments, including Ryan Costello and Colby De Zen, both into the company’s Board of Directors
- RWB is confident that the foundations laid down in 2021 will play a vital role in the company’s growth in 2022, as well as creating shareholder value
Since its inception, Red White & Bloom Brands (CSE: RWB) (OTCQX: RWBYF) has remained focused on being a torchbearer, leading a new frontier in American cannabis. Accordingly, its operations have been defined by adhering to the highest ethical, manufacturing, educational, branding, and employment standards available in the industry. These factors have allowed it to set itself apart from other players in the cannabis space.
Over the years, RWB has entered strategic brand acquisitions and partnerships to expand its market presence and position, and become one of the key players in the United States cannabis market. This would be one of the company’s highlights for the 2021 calendar year, kicking off with the acquisition of Acreage Holdings Inc. Later in the year, RWB would also mark other notable purchases, including a 45,000 square foot greenhouse in Apopka, Florida (https://cnw.fm/U603p).
In December, RWB settled CAD$5.1 million debt and refinanced the CAD$12.8 million principal amount of its vendor take-back note to acquire all the issued and outstanding shares of Acreage Florida, Inc. This would mark the close of RWB’s 2021 list of acquisitions which, its management is confident, will be integral to growing its market share and presence in the new year (https://cnw.fm/nawSq).
Strategic investments for the company in 2021 paid off significantly. In Q1 2021, it posted a 14.5% increase in adjusted sales from the previous quarter (“Q4 2020”) (https://cnw.fm/yyCxA). In addition, Q2 would mark a 13% increase in revenue over Q1 2021, with Q3 posting a 93% year-over-year increase in revenue, its biggest jump yet (https://cnw.fm/mCzfL).
The company attributed this growth to the additional building blocks laid down over the year, as it works towards being even more profitable as time progresses.
“In the third quarter, we made excellent progress in laying additional building blocks in our core operating states of Florida, Michigan, and California to become more vertically integrated where it will be most profitable. This will help drive increased revenue and margins for the company,” noted Brad Rogers, RWB’s Chairman and Chief Executive Officer (“CEO”).
2021 would also mark key appointments at RWB, starting with Ryan Costello’s appointment to the Board of Directors. In addition, the company also brought Colby De Zen, a renowned strategic investor, to its Board of Directors. These appointments would be integral to RWB’s growth and its representation within the United States market.
Going into 2022, RWB is confident that the foundations laid down over the 2021 calendar year will play a vital role in the company’s growth and creating shareholder value. It has also been vocal about being asset-light and brand-rich, a strategy driven by supporting its brands most profitably. So far, it has put teams in place to help its plan in the different states it operates, a move that it believes will pay off in this new 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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