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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. (OTCQX: RWBYF) announced its editorial placement by NetworkNewsWire, showcasing insights into the cannabis market. The piece titled 'A Lesson in Cannabis: Second Mover Can Be Better Position' highlights how operators are adapting in the evolving cannabis landscape. The company focuses on becoming a leading multistate operator in the U.S. cannabis and hemp sector, targeting major markets like Michigan, Illinois, and California. This move signals RWBYF's commitment to capitalize on the growing legal cannabis industry.
Red White & Bloom Brands Inc. (RWBYF) announced the appointment of Macias Gini & O’Connell LLP as its new auditor, succeeding MNP LLP. This change comes as the company continues to work on finalizing its audited annual financial statements for the fiscal year ended December 31, 2020. The delay was caused by the previous auditor's inability to complete necessary procedures by the filing deadline. RWB is committed to meeting regulatory requirements and will issue bi-weekly status reports during this process.
Red White & Bloom Brands Inc. (RWBYF) announced significant financing transactions totaling approximately US$36.8 million, which include a debt retirement of US$7.7 million. The funds will fully support the initial budget for expanding into Florida and provide working capital for branding and expansion in Michigan. The company aims to rebrand its dispensaries under the High Times name and expand cultivation facilities in Michigan. Additionally, strategic investors in Florida are expected to bolster growth efforts.
Red White & Bloom Brands Inc. (CSE: RWB; OTCQX: RWBYF) reported Q1 2021 adjusted sales of $32.2 million, representing a 2.4% increase from the previous quarter. The adjusted EBITDA for the quarter was positive at $460,000. The growth was impacted by the strengthening Canadian dollar, which reduced the sales increase from a potential 5.5%. The press release emphasizes the strategic expansion plans in Michigan, Florida, and Illinois, focusing on market share growth. The company is also transitioning assets and aims to enhance its operational footprint.
Red White & Bloom Brands Inc. (RWBYF) announced a delay in filing its 2020 audited financial statements and Q1 2021 results due to complications related to recent acquisitions and COVID-19. The audit firm MNP LLP has not completed the required audit by the May 31 deadline due to unexpected circumstances, including the lead partner's medical leave. A Management Cease Trade Order was granted, allowing the company until July 2, 2021, to file the necessary documents. RWB aims to become a top multi-state cannabis operator in the U.S.
On May 27, 2021, Red White & Bloom Brands Inc. (CSE: RWB, OTCQX: RWBYF) announced the completion of the pre-qualification phase in Michigan's marijuana licensing process through its subsidiary, RWB Michigan, LLC. This milestone allows the company to proceed with its operational strategy in a state with a population of approximately 10 million and recent monthly sales exceeding US $145 million. The next step involves finalizing operational plans and licensing fees to establish its retail and cultivation facilities.
Red White & Bloom Brands Inc. (CSE: RWB, OTCQX: RWBYF) announces the successful launch of High Times branded THC products at 23 Michigan dispensaries, with initial orders exceeding $1.25 million CAD and over 60% sold through in just two weeks. Pre-orders accounted for more than 10% of some retailers' inventory, signaling strong consumer demand. With Michigan's cannabis sales reaching $154 million in April, RWB aims to cement its position as a leading player in the cannabis market, expanding product offerings to include vapes and edibles starting June.
Red White & Bloom Brands Inc. (CSE: RWB, OTC: RWBYF) reported the results of its Special Meeting held on May 21, 2021. 99.62% of common and Series 2 preferred shareholders voted to approve a resolution altering the conversion date for Series 2 convertible preferred shares to October 24, 2021. This change aims to provide the company more time to enhance investor awareness, thus creating a more stable market for the conversion of shares. The company's focus remains on becoming a leading multi-state cannabis operator in the U.S.
Red White & Bloom Brands Inc. (CSE: RWB, OTCQX: RWBYF) announced a management cease trade order (MCTO) due to a delay in filing its financial statements for the fiscal year ended December 31, 2020. The company expects to file the required annual filings by May 31, 2021, followed by interim statements for Q1 2021 around June 2, 2021. During the MCTO, the CEO and CFO cannot trade shares, but the public can continue trading. RWB is focused on becoming a leading multi-state cannabis operator in the U.S. market, particularly in major states such as Florida and California.
Red White & Bloom Brands Inc. (RWBYF) announced a delay in filing its 2020 audit but expects to submit audited financial statements by May 31, 2021. Highlights include:
- Q4 2020 product sales of approximately CDN $26.5 million, up 218% from Q3.
- Completed acquisitions, including Acreage Florida and Platinum Vape.
- Raised over US$110 million since January 2020.
- Total mergers and acquisitions exceed US$250 million.
The company is expanding its presence in major cannabis markets across the U.S.
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