Red White & Bloom Brands (CSE: RWB) (OTCQX: RWBYF), a multistate cannabis operator and house of premium brands, is reporting some business highlights for Q1 2021 and 2020 fiscal year. Those highlights include adjusted sales for the first quarter 2021 totaling an estimated C$32.2 million, which is a sequential increase of 2.4% from Q4 2020’s adjusted sales of $31.4 million. The company also achieved positive adjusted EBITDA of C$460,000 for Q1 2021. The company noted that these numbers do not include RWB Michigan, whose assets are currently being migrated to RWB; RWB Florida, which closed on April 28, 2021; or RWB Illinois, which is waiting on Illinois regulatory approval. Those numbers will be reported as they become available. “On the business front, finally having completed the most arduous step in licensing for the company, we now have a clear path to gain control of the assets in Michigan, formerly nurtured by our investee,” said Red White and Bloom chairman and CEO Brad Rogers in the press release. “We also have the ability and roadmap to expand our cultivation footprint, open new stores, and over the coming weeks start rebranding our existing dispensaries in Michigan to High Times. Those assets when coupled with the significant market share of our Platinum brands, makes us a significant player in Michigan — and we’re actually just getting started. Our goals for 2021 are simple; build upon our Michigan footprint and focus on growing market share and expanding our bottom line. In Florida and Illinois, we are earlier in the THC business cycle, but will start in Florida with our immediate cultivation expansion as we ready to open additional stores later this year. On top of all this, we will look to more strategic relationships and enter additional states for a ‘brands-only’ strategy with minimal capex spend.”
To view the full press release, visit https://ibn.fm/2Bwy3
About Red White & Bloom Brands Inc.
Red White & Bloom Brands is positioning itself to be one of the top-three, multistate cannabis operators active in the U.S. legal cannabis and hemp sector. RWB is predominantly focusing its investments on major U.S. markets, including Michigan, Illinois, Florida, California, Arizona and Massachusetts, with respect to cannabis, as well as the United States and internationally for hemp-based CBD products. For more information about the company, please visit 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
About InvestorWire
InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent. We offer UNLIMITED Words on all domestic releases. While other wire services may provide a basic review of your release, InvestorWire helps you put your best foot forward with complimentary Press Release Enhancement.
With our competitors, the work is done the second your release crosses the wire. Not with InvestorWire. We include follow-up coverage of every release by leveraging the ever-expanding audiences of the 50+ brands that make up the InvestorBrandNetwork.
Get more out of your next press release with InvestorWire. It’s unlike anything you’ve seen before.
For more information, please visit https://www.investorwire.com
Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer
InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.investorwire.com
[email protected]
InvestorWire is part of the InvestorBrandNetwork.