- RWB’s mission has always been to become the superior and most recognizable cannabis company in the United States
- It seeks to achieve this by focusing on the continued growth of top-line revenue and bottom-line results through brand expansion, mergers, and acquisitions
- So far, in 2022, the company has announced the acquisition of PharmaCo, which sees the transfer of 21 medical and adult-use cannabis licenses
- RWB has also closed a lease assignment on a critical manufacturing/processing and distribution facility in Michigan
- Its management is confident that the foundations laid down so far will aid in the company’s growth going forward
In 2020, Red White & Bloom Brands (CSE: RWB) (OTCQX: RWBYF) set out on a three-year plan for success. The initial strategy was to form a solid foundation to define its identity while cementing its position in crucial states within the United States. So far, the company has set base in Michigan, Florida, California, and Illinois, in what marks an aggressive and successful expansion plan.
“For the balance of 2021 and throughout 2022, the company will focus on the continued growth of our top-line revenue and bottom-line results through expansion of our house of brands that continue to gain momentum, fortification of our vertically integrated businesses, and the synergies from our M&A success,” noted Brad Rogers, the Chairman and Chief Executive Officer (“CEO”) of the company (https://cnw.fm/TWd4N).
In line with these goals and projections, RWB announced the acquisition of PharmaCo, in a transaction initially announced back on July 27, 2020. The purchase sees the transfer of 21 medical and adult-use cannabis licenses to RWB. Additionally, the company now has access to eight fully-operating dispensaries, two operational indoor cultivation facilities, one municipality licensed 10-acre outdoor cultivation facilities, and 22 owned properties for potential additional cultivation and dispensary locations, among others (https://cnw.fm/UManG).
“I’m pleased to announce that we have closed on the PharmaCo acquisition and now control all aspects of our Michigan operations,” noted Mr. Rogers.
“This is a major milestone for RWB and its shareholders as we continue to execute key components of our growth strategy and build our house of brands across our core markets, as promised. We are now in the driver’s seat on over 20 assets across Michigan- one of the largest and fastest-growing cannabis markets in the country,” he added.
At the beginning of the 2022 calendar year, RWB also closed on a lease assignment for a 15,000 square foot manufacturing/processing and distribution facility in Warren, Michigan. The property already has both medical and adult-use licenses, which allow RWB to begin manufacturing medical and adult-use cannabis products while leveraging a centralized distribution that the existing infrastructure provides (https://cnw.fm/AyY5y).
This move also saw RWB’s expansion of its Platinum Vape products and the strengthening of its human resources following the hiring of 30 full-time employees with the objective of growing the number to 50 over the course of the year.
Additionally, at the close of the 2021 calendar year, RWB settled a CAD$5.1 million debt and refinanced a CAD$12.8 million acreage Florida acquisition note. It also announced a $6 million year-over-year increase in revenue for the third quarter of the 2021 financial year, representing a 93% growth. In a statement from Mr. Rogers, he noted:
“In the third quarter, we made excellent progress in laying additional building blocks in our core operating states of Florida, Michigan, and California to become more vertically integrated where it will be most profitable” (https://cnw.fm/i6e1A).
The company remains optimistic that the upward trajectory in growth and performance will carry on throughout the 2022 calendar year. The foundations laid down so far line up with the company’s goals and objectives as it gains momentum and fortifies its vertically integrated businesses.
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) Continues to Focus on the Continued Growth of its Top-Line Revenue and Bottom-Line Results in a Move to achieve its 3-Year Success Plan appeared first on CannabisNewsWire.