Red White & Bloom Brands Inc. - RWBYF STOCK NEWS

Red White & Bloom Brands Inc. (RWBYF) announced a delay in its annual financial statements for the fiscal year ending December 31, 2021, due to complexities associated with acquisitions, dispositions, and COVID-19's impact. As a result, the British Columbia Securities Commission granted the company a management cease trade order (MCTO). The company will comply with alternative information guidelines and provide bi-weekly updates until the necessary filings are completed. Trading will continue for the public, but the CEO and CFO are restricted from trading during the MCTO.

Red White & Bloom Brands Inc. (RWBYF) has announced the postponement of its 2021 Yearend Earnings Call, originally set for May 3, 2022, with further updates expected on the same date. The company operates as a multi-state cannabis operator in the U.S., focusing on major markets like Arizona, California, and Florida, as well as hemp-based CBD products. This delay in earnings reporting may raise concerns among investors regarding the company's financial transparency and operational performance.

Red White & Bloom Brands Inc. (OTC: RWBYF) has made significant strides in strengthening its balance sheet, announcing the sale of its Granville, Illinois facility for $56.1 million. The company repaid $51.7 million of secured debt, effectively eliminating $6.2 million in annual interest expenses. RWB is pivoting to an asset-light model in Illinois, aiming to reduce operating expenses by over $13 million annually. The strategic changes have resulted in a total liability reduction exceeding $115 million, with a focus on growing its Platinum Vape brand.

Red White & Bloom Brands Inc. (RWBYF), a multi-state cannabis operator, is set to release its year-end 2021 financial results on May 2, 2022, after market close. The company will hold a conference call on May 3, 2022, at 5:00 PM ET to discuss its Q3 2021 results and future operations, with a Q&A session available online. Interested parties can access the call via provided links. RWB operates in key U.S. markets, focusing on cannabis and hemp products while navigating industry challenges and uncertainties.

Red White & Bloom Brands has announced the launch of Platinum Vape Live Resin in Michigan, expanding its presence to nearly 400 dispensaries. This marks the brand's first new product beyond distillate vapes. Live resin sales have surged 86% since 2020, showcasing strong consumer demand. RWB aims to streamline its production and distribution processes, enhancing product availability. The Michigan cannabis market continues to grow, with a reported $1.79 billion in total sales for 2021, indicating a favorable environment for RWB's upcoming product offerings.

Red White & Bloom Brands has successfully acquired PharmaCo, Inc., enhancing its presence in Michigan's cannabis market. The acquisition includes eight operational dispensaries, two indoor cultivation facilities, and a 10-acre outdoor site, totaling over 30,000 sq. ft. of cultivation space. This move positions RWB to leverage the $1.79 billion cannabis market in Michigan, now employing 180 staff in the state. RWB also aims to extend its product lines and improve customer experience in its dispensaries, underlining its commitment to growth and community investment.

Red White & Bloom Brands Inc. (OTC: RWBYF) has established a 15,000 sq. ft. cannabis manufacturing and distribution hub in Warren, Michigan. This facility will enhance the distribution of its products, including the acclaimed Platinum Vape brand, which is a top seller in Michigan's $1.8 billion cannabis market. The company plans to hire 30 full-time employees initially, aiming for 50 in 2022. RWB will expand its product line to include gummies and chocolates, leveraging existing brand equity to penetrate over 400 dispensaries across Michigan.

Red White & Bloom Brands Inc. (OTC: RWBYF) issued 6,784,812 shares to settle a CAD$5.1 million debt at a conversion price of CAD$0.75 per share, resulting in an accounting gain of CAD$2.3 million. The company has also refinanced a CAD$12.8 million vendor take-back note with an aggregate CAD$14.6 million secured debenture at a 10% annual interest rate, maturing on May 30, 2022. Furthermore, 500,000 stock options and 135,000 restricted share units were granted as part of its compensation strategy.

Red White & Bloom Brands (CSE: RWB, OTCQX: RWBYF) reported impressive Q3 2021 financial results, achieving a 93% revenue increase to $11.8 million compared to Q3 2020. Year-to-date revenue soared by 386% to $36.9 million, while EBITDA improved significantly, reaching $5.9 million. Although net loss for the nine months increased to $73.8 million, the company is expanding its footprint in Michigan and Florida, anticipating robust future revenue growth. The acquisition of a Michigan investee is in process, promising further strategic benefits.