Red White & Bloom provides expansion update
– RWB recognizes initial revenue for much anticipated Platinum brand launch in Missouri and Massachusetts-
–RWB Florida has executed a lease for a new location in Clearwater, Florida with plans to open in Q4 2022–
-RWB Michigan appoints Hans Sommer as General Manager–
Red White & Bloom Brands Inc. (CSE: RWB and OTC:RWBYF) (“RWB” or the “Company”), a multi-state cannabis operator and house of premium brands, announces that they are continuing their aggressive expansion plans, having recently announced the launch of Platinum Vape™ (“PV” or “Platinum” ) product extensions, the Company is focusing on expanded markets to serve.
RWB previously announced that it entered into an exclusive license agreement that would see the full line of Platinum products be made available in Missouri and Massachusetts, with Platinum to be made available for sale in High Profile Cannabis shops and third-party retailers across both states. The Company reports that it has shipped the initial non-THC components to its partner as they gear up for manufacturing of finished goods for launch in both states. The initial offering will include the full collection of Platinum products in exciting new strains, flavors and formats.
According to Grand View Research, “The Missouri medical cannabis market size was valued at USD 289.9 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 22.7% from 2022 to 2030.”
Headset reported on September 8, 2022, “Totaling nearly $1 billion in cannabis sales so far this year, the Massachusetts cannabis market is growing larger than more legacy markets in the US such as Washington and Oregon.”
The Company is also pleased to report that RWB Florida has executed a lease for an additional medical dispensary location in Clearwater, FL. The new location design has been optimized for revenue per square foot and customer experience. All locations will carry the RWB full line of products and will help the Company expand more rapidly to serve a greater number of medical patients in the state. The Company expects the Clearwater location to be operating in Q4 of 2022.
RWB is pleased to announce the appointment of Hans Sommer as General Manager of RWB Michigan. Mr. Sommer brings a wealth of experience with a strong background in finance, operations and retail management. Mr. Sommer has worked in numerous high-growth industries in both the public and private sectors. He has held numerous senior-level positions and, most recently, was the Vice President of Finance at Gage Cannabis Co. Mr. Sommer was foundational in building strong internal and external controls across the organization and played an integral role in the successful acquisition of Gage by TerrAscend for over $500 million. Mr. Sommer prides himself in building a strong corporate culture through disciplined execution and growth for both the company and the employees in the organization. Mr. Sommer is a Certified Public Account (CPA) and a graduate of the University of Michigan.
The Company further reports that it has issued 3,200,000 stock options to certain directors and an officer of the Company. The stock options are exercisable to acquire up to 3,200,000 common shares of the Company at an exercise price of $0.135. The stock options vest quarterly over a period of two years from grant.
About Red White & Bloom Brands Inc.
Red White & Bloom is a multi-state cannabis operator and house of premium brands in the U.S. legal cannabis sector. RWB is predominantly focusing its investments on the major U.S. markets, including Arizona, California, Florida, Massachusetts, and Michigan.
For more information about Red White & Bloom Brands Inc., please contact:
Brad Rogers, CEO and Chairman
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FORWARD LOOKING INFORMATION
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. There is no assurance that these transactions will yield results in line with management expectations. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
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