- RWB Subsidiary Red White & Bloom Florida LLC Expects its New Greenhouse to Start Yielding Product By the End of the Year
- The Completion of This Acquisition Sees RWB Add Near Term Cultivation Capacity, With the Company Also Looking to Bring its 114,0000 Sq Ft Facility in Sanderson, Florida On-Line
Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) announced that the company’s Florida subsidiary Red White & Bloom Florida LLC has closed its acquisition of a fully operational greenhouse in Apopka, Florida. The move sees RWB further strengthen its cultivation and production strategy in the Sunshine State.
The completion of the acquisition sees RWB subsidiary Red White & Bloom Florida LLC (RWBFL) add to its Florida arsenal a fully operational 45,000 sq ft greenhouse located in Apopka, Florida. The deal includes 4.7 acres of land, which the greenhouse is currently situated on. The RWB team plans to commence rapid development on the facility to ensure all compliance standards are achieved for a Q4 2021 harvest schedule. This acquisition comes directly on the heels of the Sanderson Florida purchase and provides immediate benefits for significant cultivation expansion for delivery to RWBFL stores in Florida.
RWB’s brands include iconic names such as High Times and the very successful Michigan and California Platinum Vape line. The company will brand its Florida medical dispensaries beginning in Q4 and is developing a consistent retail footprint and product line to align with the medical market in Florida.
The addition of the Apopka cultivation center will not only facilitate the product selection plan RWB has for its branded dispensaries but is also projected to add an additional 40-50 employment opportunities for the local community when fully operational.
Commenting on the Apopka greenhouse acquisition, RWB Chairman & CEO Brad Rogers stated:
“With such high patient demand in Florida, the Apopka facility will deliver the cultivation needed to meet our significant retail expansion goals throughout the state. It will also allow us to serve patients with the quality and consistency they deserve. We are very confident in our management team in Florida and more than pleased to see this expansion launch in Q4 this year”.
Jim Frazier, GM of RWB Florida added:
“The Apopka facility is part of the overall strategic vision RWB has for Florida and we are excited to see such forward progress being made since acquiring our license earlier this year. The Apopka acquisition cements the fact that we are committed to expansion in Florida, which is in line with the overall company’s growth strategy across the country.”
Red White & Bloom and its subsidiary RWB Florida LLC completed a Real Estate Purchase and Sale Agreement for a purchase price of USD $1,875,000 payable as to:
- USD $750,000 cash paid on closing;
- USD $125,000 in the form of a promissory note of RWB Florida LLC payable in 5 monthly instalments commencing 30 days after Closing;
- USD $1,000,000 worth of RWB Common Shares at a price of $1.22, being 1,010,656 shares.
- The shares issued are subject to regulatory resale restrictions in accordance with both US and Canadian securities laws.
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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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