Red White & Bloom’s Powerhouse Cannabis Band Platinum Vape Continues to See Stunning Revenue Growth With Platinum Reporting Record-Breaking Sales of USD $2.8 Million in the First Week of 2021
Powered By Increased Revenue Figures in All Active States, Platinum Vape Expects to See its Sales Continue to Organically Accelerate as PV Gears Up to Enter Arizona in Q1 2021 as Well as Enter Core RWB Markets Throughout the Year
Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) announced on Wednesday that the company has now completed all cash payments related to the Platinum Vape (PV) acquisition. Per the terms laid out in Red White & Bloom’s September 14, 2020 press release, RWB has officially made its final cash payment of USD $13 million to PV.
Platinum Vape continues to see strong growth in the sale of its PV branded ultra-premium cannabis products, and that exceptional growth appears to be accelerating into the new year. In the first week of 2021 alone, PV reported the company generated recording-breaking 1-week sales of USD $2.8 million.
With PV gearing up to launch its products in the newly legal Arizona adult-use cannabis market in Q1 2021, the company expects to see its revenue figures continue to accelerate organically. In addition to its current operations in Michigan, California, Oklahoma, and soon to be Arizona, PV is reportedly looking to expand into other lucrative legal U.S. state markets, including core RWB markets, like Michigan, Illinois, Massachusetts, Arizona and California.
“I’m very proud of our team at PV, who continue to exponentially outperform the market and add accretive value to RWB. I am happy to have this milestone completed and pleased to see the excitement the entire RWB team brings in to work every day and their drive to replicate this growth across the organization,” commented RWB Chairman and CEO Brad Rogers.
Source: Shutterstock
In other news, Red White & Bloom also announced on Wednesday that the company conducted a private placement with an arm’s-length investor, which after fees and expenses, saw RWB net USD $11 million. In exchange for the USD $11 million capital infusion, RWB issued the arm’s-length investor a USD $11.55 million debenture.
The USD $11.55 million principal amount debenture, which is not convertible into stock, is unsecured and has a 1% per month interest rate. For more information related to the terms and conditions of the debenture, please refer to the company’s official press release here.
RWB Stock Price Action & Chart
Shares of Red White & Bloom’s CSE listed RWB stock closed Thursday’s trading session at $1.15 per share, up +0.88% on the day. The company’s American listed RWBYF stock closed the day up +1.86% at $0.93 per share.
Since bottoming in early October 2020, shares of RWB have surged as much as +161.86% as investors continue to look for untapped value in a soaring cannabis sector, further fueled by the January 5th Senate Runoffs and the completion of the Democratic Blue Wave.
As we highlighted in our previous article, RWB likely has a lot more room to climb relative to its U.S. Multi-State Operator (MSO) peers such as Curaleaf (CSE: CURA) (OTCQX: CURLF), Green Thumb (CSE: GTII) (OTCQX: GTBIF) (FRA: R9U2) and Trulieve (CSE: TRUL) (OTCQX: TCNNF), which have been trading at or near their all-time highs for months.
Top cannabis sector analyst Jason Zandberg of PI Financial currently has a “Buy” recommendation and a $2.75 price target on RWB stock. As of Thursday’s close, Zandberg’s target price implies a potential upside of +139.13%.
As word continues to spread about the large valuation gap that currently exists between RWB stock and other top MSOs peers, expect cannabis investors to continue piling into Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) ahead of the company’s upcoming Q4 earnings, which many expect to be a game-changer for RWB and its shareholders.
Our bullish sentiment towards RWB is undoubtedly echoed by cannabis investors, as evidenced by the extremely bullish chart below. Shares of RWB, which recently experienced a massive breakout from a Bull Flag chart formation, appears to be setting up for an even larger move to the upside. Investors looking for untapped value in a sector full of all-time highs should add RWB to their watchlist right now.
Source: Barchart.com
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