- Florida is the third-largest market by revenue in the US, bringing in over $1.2 billion in 2020 for medical cannabis
- Once the acquisition of Acreage Holdings is finalized, RWB will mobilize 30 turn-key grow pods for cultivation
- RWB acquired licenses to open 35 dispensaries in Florida, a limited license state, more than doubling the current number there
Red White & Bloom Brands (CSE: RWB) (OTCQX: RWBYF), a super state operator of American Cannabis, targets individual states in the United States, dominating one state before expanding into another. The company’s commitment exceeds the requirements of each state in which it operates. Beginning in Michigan, RWB currently has its eyes on the third largest market by revenue in the United States, Florida.
“Our core strategy has always been to focus on a limited number of markets within which to operate at scale, and Florida has always been one of those targeted markets,” stated Brad Rogers, Chief Executive Officer of RWB.
In February, RWB announced the acquisition of Florida operations from Acreage Holdings that included eight leased locations and the ownership of a 113,000 square feet cultivation and processing facility on 15 acres of land (https://ibn.fm/Fl7jD). Once the acquisition is completed, RWB plans to increase cultivation capacity.
The majority of Florida’s medical cannabis market is mass produced flower of common strains. And still, the state has one of the strongest markets in the US, with revenue reaching over $1.2 billion in 2020. RWB is looking to meet Florida’s demand for a more premium product and has acquired 30 double wide fully enclosed cultivation pods to help expedite production to support store openings. The company has already obtained licenses to open 35 dispensaries in the state (https://ibn.fm/yA8xZ), an accomplishment in a limited license state with only 22 licensed operators (https://ibn.fm/6S3En).
Once online, these pods will provide around 19,000 square feet of operating space with a 14,400 square feet canopy. Combined, they can produce over 7000lbs of flower and thousands of pounds of trim yearly. The estimated annual value that these units will produce is $40 million (https://ibn.fm/PqfVS).
From the beginning, RWB has followed a top-down approach to cultivation developed under the guidance of scientific experts in growing principles. By using science-driven production methods and automated, sustainable manufacturing practices, they can operate at an industrial scale.
Red White & Bloom adheres to the highest ethical, manufacturing, education, branding, and employment standards available in the industry. Through strategic acquisitions, a super state operator model, and a commitment to top-quality on every level, RWB is positioned to become one of the top three multi-state cannabis operators in the US legal cannabis and hemp markets.
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
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
InvestorWire is part of the InvestorBrandNetwork.