Red White & Bloom Brands Inc (CSE:RWB) (OTCQX:RWBYF) said its Platinum Vape brand achieved record sales of about US$6.5 million in Michigan during the month of February, representing a nearly 28% market share, according to Michigan Marijuana Regulatory Agency (MRA) data.
The company also noted that its High Times product launch in Michigan is picking up speed, with more than 50 dispensaries expected to carry High Times branded products following its full launch.
“In just a short few months we have closed on our acquisition of Platinum Vape, executed definitive agreements to enter the Illinois and Florida cannabis markets through acquisition and entered into partnerships to expand into Arizona and offer delivery to over 90% of Californians of our award winning Platinum line of products,” Red White & Bloom CEO Brad Rogers said in a statement.
“There is no doubt that 2021 is quickly becoming the year of change for Red White & Bloom, and we are committed to delivering a year of growth, operational excellence, and success for all stakeholders,” Rogers added.
As well, the company said it has agreed to acquire medically and recreationally-approved cannabis cultivation center licenses in Illinois, in addition to a 23,572 square foot active cultivation and manufacturing operation, the associated inventory, and the real estate assets including two acres of land, pending regulatory approval.
Red White & Bloom also anticipates closing its acquisition of Acreage Florida in 2Q 2021, which includes a property in Sanderson, Florida with over 15 acres of land, an 113,546 square foot facility for cultivation, and a freestanding administrative office building, plus eight leased stores in prime locations throughout the state.
The company said once all its pending acquisitions close it will be operating, or have brands available, in 6 of the Top 10 US states as measured by cannabis sales in 2020.
And, Red White & Bloom announced the launch of its Mid-American 20-count CBD hemp cigarettes, a full lineup of premium smokable flower hemp cigarettes.
Red White & Bloom is focusing its investments on the major US markets, including Florida, Illinois, California, Michigan, Oklahoma and Arizona with respect to cannabis, and the US and internationally for hemp-based CBD products.
Contact Sean at [email protected]
Story by ProactiveInvestors
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