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Red White & Bloom Brands Inc. (RWBYF) is a leading cannabis company with a focus on cultivation, manufacturing, and retail distribution of premium cannabis products in the United States. The company operates in multiple states, offering a diverse portfolio of brands and products to meet the growing demand for high-quality cannabis. With a strategic approach to expansion and market penetration, RWBYF aims to establish itself as a key player in the rapidly evolving cannabis industry.
Red White & Bloom Brands Inc. has appointed Edoardo (Eddie) Mattei as the new Chief Financial Officer, effective March 15, 2023, pending regulatory approval. Mattei, who has been with the company in a fractional role since December 2022, brings over 20 years of experience in finance and operations. He will also serve as Corporate Secretary, leading efforts to enhance reporting and operational efficiency. The company has issued 1,250,000 stock options to an officer, exercisable at $0.10 for ten years. RWB focuses on the U.S. cannabis market and aims to improve its financial reporting and team collaboration.
Red White & Bloom Brands Inc. (RWBYF) has launched its Platinum Vape products in Arizona's booming cannabis market, which was valued at over $1.4 billion in 2022. The launch includes 12 flavor profiles of 510 and Disposable Vapes, capitalizing on the state's lucrative adult-use market. Colby De Zen, President of RWB, emphasized the brand's reputation for quality and safety, aiming to make Platinum a leading cannabis brand in 2023. The initial offering features popular flavors like Purple Punch and Sunset Pie, with plans for more products, including Live Resin cartridges and Gummy Coins.
Red White & Bloom Brands reported significant growth in Q3 2022, achieving $25.5 million in revenue, representing a 128% increase year-over-year. Year-to-date revenue reached $80.9 million, a 133% increase. Gross profit before fair value adjustments was $9.6 million, up 65% compared to Q3 2021. The company reported a positive adjusted EBITDA of $3.3 million and successfully completed a comprehensive debt restructuring, enhancing liquidity by over $100 million.
Red White & Bloom Brands (RWBYF) has recognized initial revenue from the launch of its Platinum brand in Missouri and Massachusetts. The company has leased a new medical dispensary in Clearwater, Florida, expected to open in Q4 2022. Additionally, Hans Sommer has been appointed as General Manager for RWB Michigan. The company has issued 3.2 million stock options to directors and officers at an exercise price of $0.135, vesting over two years. The Missouri cannabis market is projected to grow at a CAGR of 22.7%, while Massachusetts cannabis sales near $1 billion this year.
Red White & Bloom Brands (RWBYF) has secured exclusive rights to Skybar technologies for THC and CBD products globally. Their Platinum Vape Disposables are currently available in 250 Michigan dispensaries, with plans to expand to California, Florida, Massachusetts, Missouri, and Arizona. The global market for THC vapes is projected to reach $26.5 billion by 2031. RWB continues to enhance its product line, including successful launches of other vape formats and gummies. The company aims for top-line growth and increased margins as it remains the #1 vape brand in Michigan.
Red White & Bloom Brands Inc. has appointed Colby De Zen as President and Director, effective immediately, with Gabriel Bianchi set to join the Board upon regulatory approval. The company restructured over USD 70 million in loans, extending maturity to 2024, and issued CDN 17 million in new convertible debentures at a 67% premium to the closing price. In total, over CDN 100 million in current liabilities will transition to long-term obligations, streamlining financials and enhancing operational efficiencies.
Red White & Bloom Brands Inc. (RWBYF) reported impressive Q2 2022 financial results with revenues soaring by 225% to CDN $27.4 million, compared to CDN $12.2 million in Q2 2021. For the first half of 2022, revenues surged by 235% to CDN $55.4 million. The company eliminated CDN $51.7 million of debt and reduced annual interest expenses by CDN $6.2 million. The operational focus continues in Michigan, and new licensing agreements for Massachusetts and Missouri have been secured, indicating a commitment to growth and profitability by year-end.
Red White & Bloom Brands Inc. (RWBYF) reported a 193% increase in full-year 2021 revenue to CDN $37.3 million, up from CDN $19.3 million in 2020. The first quarter of 2022 showed record revenue of CDN $28 million. Gross Margin for 2021 reached CDN $23.2 million, significantly up from CDN $12.9 million in 2020. However, the company faced an Adjusted EBITDA loss of $10.3 million for 2021, though it reported a positive EBITDA of $360,000 for Q1 2022.
Red White & Bloom Brands Inc. (RWBYF) announced an extension of its management cease trade order (MCTO) due to delays in filing its financial statements for the fiscal year ended December 31, 2021. The British Columbia Securities Commission approved the extension, allowing the company to submit the Annual Filings and Q1 2022 reports by July 15, 2022. The MCTO does not stop public trading of the company's shares, but key executives are restricted from trading. The company also noted the resignation of Ryan Costello from its board for personal reasons.
C3 Industries has formed an exclusive partnership with Red White & Bloom to license the Platinum Vape brand for sale in Missouri and Massachusetts. This strategic move aims to expand the presence of Platinum Vape, a leading name in the vape cartridge industry, known for its innovative products and quality. The initial offerings will include a variety of popular flavors. C3 seeks to achieve a top 5 market share in these states as it introduces more products over time.
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