Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) announced Monday the phase one roll-out of the company’s High Times branded cannabis products in Michigan.
According to data from Headset, a real-time cannabis data, analytics and intelligence firm, Michigan’s adult-use sales have skyrocketed since legalization took effect, rising from $9.8 million in January to $65.5 million by August.
Thanks to Michigan’s rapid growth, the Great Lakes State is now the fifth highest-grossing state, recently surpassing Nevada. With cannabis sales continuing to boom, Michigan is on track to reach sales of $1 billion.
The launch of RWB’s new exclusive product lineup will be done via existing licensed operators throughout Michigan, with the initial lineup consisting of cannabis flower, pre-rolls, vapes and edible gummies.
The limited High Times branded collection will include distinct offerings such as Red Label and Black Label, with value and top-shelf options. RWB stated that it expects to have over 30 High Times SKUs once the full launch is complete.
Pre-orders for Provisioning Centers will officially kick off tomorrow, Wednesday, December 9, 2020, and subject to MRA and lab approvals, RWB anticipates the first shipments will commence in Q1 2021.
“There is no cannabis brand in the world like High Times. As the most well-known brand in the community, High Times helped light the way before many of us had even thought about the space. We are on the cusp of a new beginning for both our brands. One that will define RWB and High Times as the best-in-class for generations to come,” commented Brad Rogers, RWB Chairman & CEO. “We are very excited to bring this important goal to fruition and have plans for many other instantly recognizable High Times initiatives. With the rights to High Times and Platinum Vape, RWB has the most recognizable cannabis brands in the market today.”
Source: Shutterstock
Peter Horvath, CEO of High Times, commented on the milestone announcement, stating:
“With a history as vibrant as ours, every move matters, and each new step in a business’s roadmap is critical. As the most recognizable brand in cannabis, making the jump into selling actual cannabis products was a huge step in our evolution – but ensuring the proper execution was essential. We’re extremely proud and excited to release our collaboration with RWB for the world to consume!”
Per the company’s exclusive High Times licencing agreement, RWB holds the rights to brand dispensaries and manufacture and sell cannabis products throughout Michigan under the most recognized name in the cannabis industry. In addition to Michigan and subject to regulatory approval, RWB will hold the same High Times rights for the Illinois and Florida markets, where fellow Multi-State Operators (MSOs) such as Green Thumb (CSE: GTII) (OTCQX: GTBIF) (FRA: R9U2) and Trulieve (CSE: TRUL) (OTCQX: TCNNF) are currently operating.
The company has also obtained the worldwide rights to Hightimes Holding Corp’s licenses for non-High Times branded CBD and other non-THC cannabinoid-based products.
Source: Barchart
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