InvestorWire NewsRoom

Article

Q3 Report Notes Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) Revenue Growth of 93 percent YOY
January 11, 2022

Q3 Report Notes Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) Revenue Growth of 93 percent YOY

  • Red White & Bloom Brands is a cannabis multi-state operator building on opportunities in Michigan, Florida, Illinois, California, Arizona, Oklahoma and Massachusetts to create a synergistic portfolio throughout North America
  • RWB is also building its hemp-based CBD products retail throughout the United States and into international markets
  • The company has released its third quarter financial report on revenue growth, operational development and progress in finalizing additional agreements
  • The report notes revenues grew from $6.1 million to $11.8 million year-over-year, largely as the result of its acquisition of its premium Platinum Vape 
  • The company anticipated having 30 grow pods in place at its newly acquired manufacturing facility in Florida by Dec. 1, with expected revenue generation of $50.8 million during the facility’s first full year

Cannabis brand builder Red White & Bloom Brands (CSE: RWB) (OTCQX: RWBYF), a multi-state operator aiming to become one of the top three in the United States’ cannabis industry, is riding the popularity of its trademarked Platinum Vape to remarkable revenue growth, recording a 93 percent increase year-over-year in its just-released third quarter financial report. 

The financial results note that the majority of the company’s revenue comes from sales of cannabis finished products through third party wholesaling to retailers, delivering quarterly revenues of $11.8 million and EBITDA of $5.9 million that reverses an EBITDA loss of $5.8 million in Q3 2020 for a gain of $11.9 million. 

“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,” Red White & Bloom Chairman and CEO Brad Rogers stated in announcing the results (https://ibn.fm/7ZIwi). “This will help drive increased revenue and margins for the company.”

Platinum Vape was named the No. 1 brand for vape cartridges in Michigan by analysts at The Arcview Group & Headset in conjunction with Greentank vape manufacturing, according to the report. In California, Red White & Bloom transitioned management oversight of Platinum Vape brand to its own team after acquiring the brand during the third quarter, while in Michigan where the company uses a third-party manufacturer for Platinum Vape sales RWB took over operational control. 

RWB hosted a conference call about the earnings report with investors on Nov. 30. A recording of the call was placed on RWB’s Investor Relations website at https://ibn.fm/HMISm and a replay of the call is also available for 90 days by dialing 877-660-6853 or 201-612-7415 then entering access ID:13725118. 

The company is mostly focused on cannabis industry development within the largest U.S. markets for it, namely Florida, Michigan, Illinois, Massachusetts, Arizona and California. For its hemp-based CBD products, RWB expects the scope of its operations to take in foreign markets as well as the United States. 

In Florida, RWB has been transitioning 30 grow pods to its recently acquired 45,000-square-foot greenhouse in Orange County, with expectations that the grow pods would be fully planted by Dec. 1 and capable of producing $50.8 million in revenue during its first full year. 

“We will update shareholders on our progress shortly and are eager to share how our work in Florida and other areas is coming to fruition in Q1 2022 quarterly results,” Rogers stated.  

Among other developments shared in the third quarter report, RWB noted that it anticipates leveraging cost sharing and other economies of scale to further improve its profit margin once it closes the pending acquisition of a Michigan investee, which will allow the company to be vertically integrated. 

“RWB is being very strategic in pursuing vertical integration only when there is value to be added. We aim to be asset light and brand rich,” CFO Chris Ecken stated. “Our strategy is to support the brands in the most profitable way. We have been putting the teams in place to support this strategy in each state where we operate.”

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

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.

Get Started with InvestorWire

To distribute a release in the next 24 hours. Contact our client services team.

(310) 299-1717

Distribute a press release. Submit your release to get started.

Submit Press Release

Set up a Live demonstration. Schedule a date and time that works for you.

Schedule a LIVE Demo

Press Distribution

Explore Press Distribution Solutions

All releases include an unlimited word count* with full wire-grade syndication, our press release enhancement service, and a follow-up InvestorNewsBreak article distributed to thousands of editorial syndication partners.

Discover Add-on Solutions

Increase the impact of your achievements by adding these exclusive solutions from InvestorWire, delivered in conjunction with the InvestorBrandNetwork (IBN).