- Red White & Bloom and its wholly owned subsidiary RWB Michigan LLC recently announced the rollout of Platinum Vape(TM) Live Resin in Michigan
- The debut marks the company’s entry into the live resin in Michigan, which yield higher margins than the company’s existing distillate vape products
- RWB expects to release its full-year 2021 results on May 2, with the management hosting a conference call on May 3
Red White & Bloom Brands (CSE: RWB) (OTCQX: RWBYF), a multistate cannabis operator on a mission to become the most recognizable cannabis company in the United States, is celebrating the fulfillment of its promise to consumers to introduce a steady stream of new products and consumption options to satisfy demand in Michigan, recently announcing it will roll out the Platinum Vape(TM) (“PV”) Live Resin in Michigan. The company, working in conjunction with its wholly owned subsidiary RWB Michigan LLC, will make the product available in nearly 400 Michigan dispensaries in due course (https://cnw.fm/Au7WC).
The debut marks RWB’s line expansion into the higher-margin Live Resin Vapes segment and also represents its inaugural product in Michigan beyond the popular distillate vape products. The company is committed to releasing many more products in the future.
The PV Live Resin delivers a lush flavor profile and rich potency experience, thanks to its ability to capture and preserve the terpenes and trichomes of RWB’s premium cannabis strains. (Live resin is a cannabis concentrate created using fresh flower.) A compact product with a myriad of consumption options, the PV Live Resin packs all the benefits of the cannabis flower and more than 80 cannabinoids that synergistically work to enhance the plant’s therapeutic properties.
Red White & Bloom expects PV Live Resin to become popular with consumers owing to the trust they have in the PV brand. With the PV Live Resin, which was previously only available in Oklahoma and California, RWB aims to tap into the growing U.S. live resin market. According to Greentank, live resin sales increased 86% between 2020 and 2021 (https://cnw.fm/l5Gzn). But RWB holds that this growth is only the tip of the iceberg.
“We believe that this is just the tip of the iceberg for the live resin opportunity since so many new cannabis consumers are totally unfamiliar with live resin and migrate to it once they learn more about cannabis and discover live resins’ many advantages,” company CEO Brad Rogers said.
Red White & Bloom is simultaneously streamlining its seed-to-sale processes and speeding up the development and go-to-market timelines for new products. According to Rogers, the company has already started expanding the distribution of its PV branded products, including the new PV Live Resin line, with the PV products now available in nearly 400 of Michigan’s 460+ dispensaries.
Meanwhile, the company announced it will release its end-year (2021) financial results, subsequent events, and management discussion and analysis (“MD&A”) on Monday, May 2, after markets close. The following day, Tuesday, May 3, company Rogers will host a conference call in which he will discuss RWB’s quarterly results, operations, and upcoming events. Rogers will also join the management team in fielding questions from stakeholders and investors (https://cnw.fm/tNKD1).
The 2021 results will draw the curtains on an eventful year that saw the company report $11.8 million in revenue in Q1 2021 and $13.3 million in Q2 2021 (https://cnw.fm/TXgYP). In Q3 2021, Red White & Bloom’s revenue was up 93% year-over-year to $11.8 million from $6.1 million in Q3 2020 (https://cnw.fm/3DiWz). Already, the company’s cumulative revenue from the first nine months of the 2021 fiscal year (~$36.9 million) has surpassed the full year 2020 revenue ($23.3 million) (https://cnw.fm/xg4ir), setting the stage for what is likely to be a record-breaking year for Red White & Bloom.
The 2021 financial year also saw the announcement of key milestones, including the acquisition of cultivation facilities in Apopka, Florida and Sanderson, Florida; the opening of a production facility at the Sanderson property; receipt of Adult Use prequalification status in Michigan and approval from the Florida Department of Health, Office of Medical Marijuana Use; and more.
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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The post Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) Extends Michigan Expansion with Debut of Platinum Vape Live Resin; Announces Plans to Release Full-Year 2021 Results on May 2 appeared first on CannabisNewsWire.
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