- The new recreational license award marks the final major regulatory hurdle for RWB to complete its long-awaited Michigan acquisition, which includes substantial cannabis retail, cultivation and real estate assets boasting 2020 revenue of USD $69 million, which was excluded from RWB’s 2020 financial statements
- Having both medical and recreation approval allows RWB to complete its pending and fully-paid for Michigan acquisition
- Operating assets to be brought onto RWB’s income statement and balance sheet include: 18 Michigan dispensaries (8 operating; 2 historically operating; 8 ready-to-open); 4 cultivation facilities (2 indoor; 1 outdoor; 1 retrofit-ready indoor); significant company-owned real estate holdings
American super state operator Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) released huge this morning regarding its Michigan operations. Through Red White & Bloom’s wholly-owned subsidiary, RWB Michigan, LLC. and in accordance with the Michigan Regulation and Taxation of Marihuana Act (MRTMA) licensing provisions, RWB has now secured the necessary Michigan adult-use prequalification status required to move forward with its Great Lakes State business plan.
The Marijuana Regulatory Agency (MRA) approval officially gives RWB the green light to press forward with its full Michigan operational strategy as well as complete the licensing process for its intended facilities.
Commenting on this morning’s announcement, RWB Chairman & CEO Brad Rogers stated:
“Michigan has been one of the highest bars of entry to any market we’ve entered. The regulatory body has done it right, and all stakeholders should feel comfort with the level of scrutiny and governance they require to be compliant operators. This now provides a clear path for us to fully execute on our strategy of being the house of brands and being great channel partners to all of our distribution points as well as our own planned flagship retail locations. Given the number of documents and rigorous background check process, pre-qualification is the most significant regulatory hurdle in the Michigan marijuana licensing process.”
Rogers elaborated further, stating:
“In only its second full year of adult-use sales, Michigan’s legal cannabis market is emerging from the pandemic ripe with opportunity. With a run-rate behind only California and Colorado, Michigan’s early 2021 sales have put the state on pace to not only break the $2 billion sales threshold but also blow right past it. Given the number of documents and rigorous background check process, pre-qualification is the most significant regulatory hurdle in the Michigan marijuana licensing process. We are about to finally deliver to our Shareholders the financial results from our judicious investments in the great state of Michigan. We look forward to bringing exceptional quality, price and experience through our house of brands that are second to none to loyal consumers in Michigan. Additionally, we look forward working closely with regulators in Michigan to set new standards as the market continues to evolve.”
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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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