- Cannabis and hemp multi-state operator Red White & Bloom Brands has established itself in fast-growing plant derivative markets from Michigan to Florida and California
- Michigan’s new legal adult-use market is proving fertile ground for development, and the company has leased manufacturing facilities and obtained full licensing in the state
- Thanks to the Michigan developments, Red White & Bloom is also expanding distribution of its Platinum Vape gummies and chocolates beyond California, where they have been popular
- The company’s brands are expected to expand in Michigan from distribution to 250-plus dispensaries to more than 400 dispensaries
Cannabis and CBD product brand builder Red White & Bloom Brands (CSE: RWB) (OTCQX: RWBYF) is strengthening expansion of its cultivation and dispensary operations for some of the fastest-growing plant derivative markets in the United States amid increasing American consumer demand.
Red White & Bloom is establishing itself as a dependable multi-state operator for cannabis and hemp products, with a presence in California, Arizona, Oklahoma, Illinois, Michigan, and Florida. In Florida and Michigan, the company has cultivation properties, while in Illinois the company operates a 3.6 million-square-foot standardized facility for ensuring premium product value.
Most recently, RWB celebrated the news that Michigan had granted it adult recreational use prequalification status for manufacture, followed by full licensing to make both medical and adult-use cannabis products in the state. The company’s lease assignment for a 15,000-square-foot manufacturing and processing facility in the city of Warren led to the launch of operations there last month, with “all necessary equipment already installed and inspections completed” for medical and adult-use products (https://ibn.fm/1VUAT).
“This Warren facility allows us to centralize distribution for our ‘house of premium brands’ in Michigan and finally report all of our Platinum Vape(TM) wholesale sales on a much less confusing and straightforward basis,” CEO and Chairman Brad Rogers stated. “The facility provides the production capacity to expand sales of our award-winning brands from the 250+ Michigan dispensaries that carry them to the state’s 400+ dispensaries.”
Platinum Vape is a recognized vape brand, but its umbrella also includes gummies, chocolates and premium cannabis flower that are popular in California. With the manufacturing buildup in Michigan, the gummies and chocolates will now be offered outside California as well.
While Red White & Bloom’s year-end financial report is not yet available, the Q3 report issued in November showed a 93 percent YOY increase in revenue, from $6.1 million to $11.8 million, with the majority of revenue derived from sales of cannabis finished products through third party wholesaling to retailers.
The developments in Michigan are expected to help the company improve its margins through vertical integration of its operations (https://ibn.fm/0PCgh).
“RWB is being very strategic in pursuing vertical integration only when there is value to be added. We aim to be asset light and brand rich,” CFO Chris Ecken stated in the Q3 announcement. “Our strategy is to support the brands in the most profitable way. We have been putting the teams in place to support this strategy in each state where we operate.”
For more information, visit the company’s website at www.RedWhiteBloom.com.
NOTE TO INVESTORS: The latest news and updates relating to RWBYF are available in the company’s newsroom at https://ibn.fm/RWBYF
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