- The approval by the Marijuana Regulation Agency represents RWB’s authorization to move forward with the operational strategy of its subsidiary RWB Michigan, LLC
- Michigan provides access to a market with approximately 10 million people and a consumer pool responsible for $171 million in sales – resulting in the generation of more than $23 million in tax revenue for the state’s roads, schools, counties, and municipalities
- The Sanderson property in Florida has been built to GMP specifications and is a 4,800 square foot standalone facility that is expected to help bridge the gap and satisfy the fast-growing demand in the cannabis edibles market
Red White & Bloom Brands (CSE: RWB) (OTCQX: RWBYF), formed when privately held MichiCann Medical Inc. merged with publicly traded Tidal Royalty in 2019, is an innovator of American cannabis – adhering to the highest ethical, manufacturing, education, branding, and employment standards in the industry. The company is a superstate operator, leveraging a sizable footprint to dominate the areas in which it operates.
RWB recently announced that it received adult-use (recreational use) prequalification status according to the licensing provisions of the Michigan Regulation and Taxation of Marihuana Act (“MRTMA”) and the associated rules through a wholly owned subsidiary, RWB Michigan, LLC. The approval by the Marijuana Regulatory Agency (“MRA”) represents the authorization of RWB to move forward with the full operational strategy in Michigan and the complete licensing process for the intended facilities (https://cnw.fm/igeB6).
“Michigan provides RWB access to a market with a population of approximately 10 million people, and where, in the month of July, cannabis consumers were responsible for $171 million in sales generating more than $23 million in tax revenue for Michigan’s roads, schools, municipalities, and counties,” CEO and Chairman of RWB, Brad Rogers, said.
Michigan is not the only state where RWB is excelling – the company’s Sanderson property in Florida has been built to GMP specifications to capitalize on the growing cannabis derivatives market. The expectation is that the Florida medical cannabis market will reach $1.5 billion in sales during 2021, which marks a growth of 53% over 2020. Medical and recreational use cannabis is expected to be legal in Florida by 2023, with the overall market expected to reach $2.6 billion by 2026 (https://cnw.fm/T9Gx7).
The Florida facility is a 4,800 square foot standalone structure and is expected to help satisfy the fast-growing demand in the cannabis edibles market. “We are very pleased to have completed this state-of-the-art production facility ahead of time and begin production this month. We will begin with premium specialized confectionary offerings as finished retail-ready packages where medical patients will be able to select from a variety of different products,” RWB’s GM Jim Frazier said. “We are confident this new facility, coupled with our expert staff of edible specialists, can produce a market-leading offering” (https://cnw.fm/wwP0W).
RWB enters into strategic brand acquisitions and partnerships that aim to help the company expand its presence and position, with the goal of being a key player in the United States cannabis market. The company is always diligently searching for brands to acquire and bring additional value to expand its footprint. Currently, the company’s brand portfolio consists of Platinum Premium Cannabis Products (“PV”), High Times(R), and Mid-American Growers.
Upon completion of RWB’s current proposed investments and acquisitions, the company will be one of the largest companies in the cannabis market. Currently, assets (closed or in closing-stage) are located within Michigan, Illinois, Florida, Oklahoma, Massachusetts, and California.
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://cnw.fm/RWBYF
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