- Red White & Bloom Brands is building a multi-state operation in the cannabis and hemp industries through state subsidiaries focused on markets in Florida, Michigan, Illinois, Arizona and California
- The company is now rapidly building up its cultivation and retail operations in Florida, advancing from regulatory approval in the state last month to the startup of growing activity to supply existing and soon-to-open dispensaries in four cities from Miami to Daytona Beach and across to Spring Hill
- Florida is on the verge of a “massive medical marijuana boom” as the pain-conscious retirement community grows and residents’ attitudes overwhelmingly favor openness toward legal medical marijuana
- Red White & Bloom is also putting together a strong retail cannabis position in Michigan and Florida
Multistate cannabis sector operator Red White & Bloom Brands (CSE: RWB) (OTCQX: RWBYF) is off to a quick start in building its high-quality flower resource for product inventory at dispensaries throughout Florida.
Red White & Bloom expects to launch growing operations in 30 modular pods at its Apopka, Florida cultivation location by Dec. 1, adding 19,200 square feet of production expected to deliver $30 million in annual revenues to the company. The pods were approved by the state health department’s Office of Medical Marijuana Use (“OMMU”) with licensing granted just before Halloween and five are already in use for plant growth while the remainder are being fast-tracked for output, according to a Nov. 4 news release (https://ibn.fm/13yLA).
Red White & Bloom is a retail cannabis brand builder focused on Florida ahead of a “massive medical marijuana boom” expected to sweep the state as prohibitionist policies recede (https://ibn.fm/nEZQV).
“We have nurtured our strains to produce high quality flower in the Florida climate while producing high yields, industry-leading THC percentages and superior terpene content,” Jim Frazier, the general manager of Red White & Bloom’s Florida cultivation subsidiary, stated in the news release. “The grow pods provide us with speed to market capabilities which are needed for RWBFL to meet and exceed expectations for generating profitable revenue early in 2022.”
The company’s two cultivation centers in Florida are working aggressively to supply existing and soon-to-open dispensaries with needed product. The final phase of Red White & Bloom’s strategic rollout in the state involves bringing its 113,000-square-foot indoor growing facility in Sanderson online, about 120 miles northwest of the Apopka location.
The OMMU released a survey of the market this year that states 89 percent of Floridians who responded to its questions think adults should be allowed to legally use medical marijuana, and as more pain-weary senior citizens seek the Florida sunshine the number is likely to increase (https://ibn.fm/K6Tug).
As a company aiming to become one of the top three multi-state operators active in the United States’ legal cannabis and hemp sectors, Red White & Bloom is also seeking toe-hold in the recreational adult use market in Michigan, Illinois, Florida, Arizona and California, and across of international opportunity fields for hemp.
The company received adult recreational use prequalification status from Michigan in September and authorization to market itself to a population of about 10 million people through 18 dispensaries (eight of which are already operating), four cultivation facilities indoors and outdoors, and “significant company-owned real estate holdings,” according to the company’s Sept. 7 statement (https://ibn.fm/VbA0Q).
“In only its second full year of adult-use sales, Michigan’s legal cannabis market is emerging from the pandemic ripe with opportunity. With a run-rate behind only California and Colorado, Michigan’s early 2021 sales have put the state on pace to not only break the $2 billion sales threshold but, also blow right past it,” CEO and Chairman Brad Rogers stated.
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