With Michigan’s Marijuana Market Continuing its Rapid Rise, the MRA Reported April Sales in the Great Lakes State Reached USD $154 Million, Putting the State’s Cannabis Market on a Current Annualized Run-Rate of USD $1.85 Billion
Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) announced on Tuesday the successful launch of the company’s High Times branded THC products in 23 Michigan dispensaries throughout the majority of the Great Lakes State.
Within the first two weeks, RWB’s initial CDN $1.25 million order was already 60% sold. As evidence of the popularity of the iconic High Times cannabis brand in Michigan, some retailers saw their High Times THC pre-orders exceed 10% of their dispensary’s total inventory.
“Watching our brand strategy play out and begin to dominate in an ever-increasingly crowded and commoditized market has been very rewarding. Delivering top-shelf product that stands behind and supports one of the most recognizable brands with such a storied past is truly an honor and our customers have been overwhelmingly positive to it. There’s no better brand to end cannabis prohibition with than High Times and RWB is in the perfect markets to leverage that incredible equity to the best customers,” commented RWB Chairman & CEO Brad Rogers.
Phase 1 of the official launch included packaged flower and Prerolls in the following formats: 3.5g Black Label Flower; 3.5g Red Label Flower; 1g Black Label Single Prerolls; 1g Red Label Single Prerolls; 2.5g Black Label 5-pack; 2.5g Red Label 5-pack.
Wholesale customers, licensed Provisioning Centers, (aka dispensaries) initial purchasing habits were marked by strong demand represented by large orders relative to current overall inventory (>10%) and reported increased consumer foot traffic.
In addition to the well-received THC products, the company saw high demand, and sales, of High Times, branded “swag,” a profitable marketing feature that enhances brand visibility and loyalty. This first swag drop was a limited run of niche pieces and will be expanded in the coming weeks and months alongside the product line expansion.
After only 2 weeks, the overall sell-through rate for all wholesale customers exceeded 60% and customers reported the products as a great value.
Starting in June, the second line of the brand which is to include vapes, concentrates and edibles will be launched and made available to an expanded wholesale network of dispensaries. The company is also planning to build excitement through more “limited drops” and “collaborations”, which were used to kick off the brand over the last several months, too much fanfare.
Through a network of trusted, top-tier revenue-producing retailers throughout the State, which spans all metropolitan economic areas, Red White & Bloom, through its licensed partner, has effectively launched the High times THC branded products to all corners of Michigan cannabis culture.
It is the Company’s strategic plan to see the High Times branded THC products at the highest-trafficked most influential stores in the State and “in-fill” the remaining locations once full cultivation capacity comes online as RWB’s investee commissions several new larger-scale cultivation facilities through 2021.
The dispensaries included in the initial drop include the following locations:
- 5 and Dime Detroit (PC-000205) (Medical)
- Motown Meds Detroit (PC-000259) (Medical)
- Shake and Bake Detroit (PC-000226) (Medical)
- House of Dank 8 Mile Detroit (PC-000178) (Medical)
- House of Dank Fort Street, Detroit (PC-000220) (Medical)
- House of Dank – BEL-AIR (PC-000180) (Medical)
- House of Dank Gratiot, Detroit (PC-000496) (Medical)
- House of Dank Livernois, Detroit (PC-000314) (Medical)
- Breeze Hazel Park (AU-R-000188) (Adult-Use)
- HOD *** New Location*****
- Exclusive Ann Arbor (PC-000064) (AU-R-000100) (Medical & Adult-Use)
- H.O.D. YPSILANTI f/k/a VITALITY (PC-000088) (AU-R-000264) (Medical & Adult-Use)
- House of Dank Traverse City (PC-000422) (Medical)
- Exclusive Kalamazoo (AU-R-000289) (PC-000292) (Medical & Adult-Use)
- Exclusive Grand Rapids (PC-000568) (AU-R-000370) (Medical & Adult-Use)
- Remedii Battle Creek (AU-R-000193)(PC-000232) (Medical & Adult-Use)
- Elite Wellness Mount Morris (AU-R-000103) (Medical & Adult-Use)
- Elite Wellness Jackson (Medical & Adult-Use)
- Remedii Morenci (AU-R-000130) (Pc-000260) (Medical & Adult-Use)
- Remedii Vassar (AU-R-000194) (PC-000267) (Medical & Adult-Use)
- Remedii Roots Bay City (AU-R-000143)(PC-000261) (Adult-Use)
- DOA (Dank on Arrival) Bay City (AU-R-000145)(PC-000249) (Medical & Adult-Use)
- Elite Wellness Bay City (Medical & Adult-Use)
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Red White & Bloom is a paid client of The Cannabis Investor. The Cannabis Investor holds a position in RWB.
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