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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 (RWBYF) has received an Adult Use license in Michigan, marking a crucial step in its acquisition of substantial cannabis assets. This includes 18 dispensaries and 4 cultivation facilities, significantly boosting its operational capacity. The Michigan market, with a population of around 10 million, saw cannabis sales reach $171 million in July alone, contributing over $23 million in tax revenue. The company expects to integrate these assets into its financial statements, enhancing its role as a major player in the U.S. cannabis sector.
Red White & Bloom Brands Inc. (CSE: RWB, OTCQX: RWBYF) reported adjusted sales of $58.5 million for the first half of 2021, with Q2 revenue up 13% from Q1. The company reduced short-term obligations by repaying $18 million in debt and restructuring over $20 million into long-term debt. Strategic investments in Florida are expected to enhance capacity. The Q2 gross margin was $9.5 million, and significant inventory purchases are anticipated to positively impact future revenues as operations expand. The company is progressing to secure full licensing in Michigan.
Red White & Bloom Brands Inc. (CSE: RWB, OTC: RWBYF) will release its Q2 2021 financial statements on August 30, 2021, after market close. The company is targeting top-tier positions in the US cannabis and hemp sector, focusing on states such as Michigan, Illinois, Florida, Oklahoma, Arizona, and California. RWB aims to enhance its footprint in the legal cannabis market.
Red White & Bloom Brands Inc. (RWBYF) has acquired a 45,000 square foot greenhouse in Apopka, Florida, for $1,875,000 to expand its cultivation capacity. This facility will support a planned Q4 2021 harvest and enhance product availability for RWB's Florida dispensaries. The acquisition aligns with RWB's strategic growth in the cannabis market, particularly in Florida, where demand is high. The greenhouse is expected to create 40-50 local jobs, further contributing to the community.
Red White & Bloom Brands Inc. reported Q1 2021 adjusted sales of $32.7 million, marking a 14.5% increase from Q4 2020. This growth was partly mitigated by the strengthening Canadian dollar, which reduced revenue by about $1 million. However, revenue fell to $11.8 million, down from $15.7 million in Q4 2020, due to IFRS reporting challenges in Michigan. Product sales in Michigan rose by 18%, with expectations for improved revenue recognition upon full licensing. A conference call is scheduled for July 27 to discuss results and outlook.
Red White & Bloom Brands Inc. reported a strong financial performance for Q4 2020, with adjusted sales of CDN $28.6 million, a 290% increase over Q3 2020. Total revenue for Q4 reached CDN $15.7 million, up 158% quarter-over-quarter. For the full year, adjusted sales were $37.8 million, and revenue amounted to $23.3 million.
Despite significant growth, the company reported a net loss of $18.6 million for 2020, largely due to non-cash items. RWB is focusing on expansion and operational synergies in key states.
Red White & Bloom Brands Inc. (CSE: RWB, OTCQX: RWBYF) has announced the scheduled release of its financial statements and management discussion for the fiscal year ended December 31, 2020, and Q1 ended March 31, 2021. The financial documents will be released on July 22 and July 26, 2021, respectively, followed by a management conference call on July 27, 2021. The delay in filings was due to the transition to a new auditor, Macias Gini & O’Connell LLP, after the previous auditor's health issues interrupted the audit process.
Red White & Bloom Brands Inc. (RWBYF) is currently in the process of completing the audit and filing of its annual financial statements for the year ended December 31, 2020. The Company is collaborating with MGO and MNP LLP, and intends to remain compliant with NP 12-203 by issuing bi-weekly reports on their filing status. The delay in the filing is attributed to health issues affecting the previous auditor. RWB aims to position itself as a leading multi-state cannabis operator in major U.S. markets.
Red White & Bloom Brands has launched High Times branded vapes in Michigan, expanding its product line to over 20 SKUs. The vapes, including Black Label live resin and Red Label distillate cartridges, are now available at 22 dispensaries, with plans to reach over 250 in the state by year-end. CEO Brad Rogers highlighted the company’s strategy to leverage partnerships to boost branded sales while establishing its own operations in Michigan. RWB aims to be among the top three multi-state cannabis operators in the U.S., focusing on major markets like Michigan and Florida.
Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) emphasizes the advantages of being a second mover in the cannabis industry. The company's strategy focuses on dominating specific markets without overextending itself, aiming to be a top-three multistate operator in the U.S. Red White & Bloom recently raised $44.5 million to strengthen its position, using part of the funds to pay off $7.7 million in debt. The company is investing heavily in key U.S. markets including Michigan, Illinois, and California, as well as in hemp-based CBD products.
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