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Red White & Bloom Brands Inc. (CSE: RWB, OTC: RWBYF) has received approval from the Florida Department of Health for its acquisition of Acreage Florida, enhancing its position in a lucrative market valued at over US$1.2 billion in cannabis revenue for 2020. Florida has a limited license structure with 22 licensed operators, which presents growth opportunities. The Company aims to be a top player in the U.S. cannabis industry and is focusing on key markets, including Florida, Illinois, California, Michigan, Oklahoma, and Arizona.
Red White & Bloom Brands Inc. (CSE: RWB, OTC: RWBYF) plans to boost its cannabis cultivation capacity by acquiring 30 fully enclosed grow pods in Florida, providing 14,400 square feet of canopy. The facility is expected to yield over 7,000 pounds of premium cannabis annually, with a retail value exceeding US$40 million. This expansion supports the company's strategy to enter the Florida cannabis market and is projected to close in Q2 2021. RWB aims to differentiate its products from mass-produced cannabis by focusing on premium offerings.
Red White & Bloom Brands Inc. (CSE: RWB, OTC: RWBYF) reports strong demand for Platinum products, achieving record sales of approximately $6.5 million in Michigan in February alone, capturing nearly 28% of the market share. The launch of High Times-branded products is also progressing, with over 50 dispensaries in Michigan participating. The company's acquisition strategy is advancing in Michigan, Illinois, and Florida, with these states representing significant cannabis revenue potential. Additionally, it has launched CBD hemp cigarettes in Florida as part of an extensive rollout.
Red White & Bloom Brands Inc. has announced a strategic partnership between its subsidiary, Platinum Vape, and Budee, a delivery platform owned by Stem Holdings. This collaboration will make Platinum's cannabis products available for home delivery to 92% of California's population, responding to increased demand for cannabis delivery services. Budee boasts over 350 drivers and four distribution hubs throughout California, ensuring rapid delivery, typically within 90 minutes. This partnership aims to enhance brand recognition and accessibility of Platinum products in California's cannabis market.
Red White & Bloom Brands announced its acquisition of Acreage Florida, expanding its presence in the cannabis market. The deal includes an aggregate purchase price of US $60 million, featuring cash, stock, and promissory notes. This strategic acquisition grants RWB access to cultivation and processing facilities in Florida, a significant state for cannabis revenue, with over US $1.2 billion generated in 2020. Following the deal's closure, RWB will operate in six of the top ten US states for cannabis sales, aiming to leverage its established brands to enhance market share.
Red White & Bloom Brands Inc. (RWBYF) announces that its subsidiary, Platinum Vape, received regulatory approval to expand its operations into Arizona, joining its existing presence in California, Michigan, and Oklahoma. This expansion places Platinum in five of the top ten U.S. states by cannabis revenue. In 2020, cannabis sales exceeded $7.6 billion. The initial launch will feature a selection of popular vape products in 16 Arizona dispensaries. Platinum Vape continues to gain recognition for its product range, recently winning awards for its gummies and chocolates.
Red White & Bloom Brands Inc. has secured CDN$8 million from an institutional investor through warrant exercises and signed a US$7 million non-convertible debenture financing commitment. This funding ensures the closing of its acquisition of an Illinois cannabis cultivation license and associated assets in Q1 2021. The Illinois market, having surpassed US$1 billion in adult-use sales, presents significant growth potential. The company aims to introduce its Platinum Vape and High Times products in Illinois post-acquisition, aligning with state social equity initiatives.
Red White & Bloom Brands Inc. announced the closure of a debenture unit financing, raising approximately USD 6,000,000 from an arm’s-length investor. The debenture is unsecured, non-convertible, with a 7% interest rate, and matures on April 1, 2022. Proceeds will support the expansion of its Platinum Vape business in Arizona, fund pre-closing operational plans for a THC Cultivation Center in Illinois, and provide general corporate working capital. The financing consists of USD 6,120,000 in debentures and 1,000,000 warrants exercisable at CDN$1.20 over two years.
Red White & Bloom Brands has announced the expansion of its Platinum Vape brand into Arizona through agreements with a third-party licensed MSO. The company will introduce its products in a 6,000 square foot facility this quarter. With Arizona's cannabis market poised for growth, projected to reach $341 million in its first year post-legalization, RWB is positioning itself as a significant player in the U.S. cannabis sector. The company aims to be among the top three multi-state operators in the cannabis market.
Red White & Bloom Brands Inc. (RWBYF, TDRYD) announced key team additions at its subsidiary, Mid-American Growers (MAG), aimed at enhancing compliance, sales, and operational efficiency. Margeaux Bruner joins as Director of Compliance & Diversity Inclusion, Jay Fentress as Director of Sales and Marketing, and Barry McDonald as VP Sales. Anne Hyde expands her role to COO of MAG, leveraging her extensive experience in finance and operations. Additionally, the company issued 1.5 million restricted share units and 3.9 million stock options to incentivize team growth.
