- With Platinum Vape Products Already Sold in Over 750 Retail Locations Throughout Michigan, California and Oklahoma, PV is Now Set to Enter the Arizona Cannabis Market
- Arizona’s Medical Marijuana Market is Booming and is Projected to Generate 2020 Sales of up to $915 Million
- The Grand Canyon State Market Could Explode in Size if Voters Approve Recreational Cannabis at the Upcoming November 2020 Election
Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) announced today that Platinum Vape has struck a deal with a third-party licensed multi-state operator (MSO) that will see PV launch its products in Arizona later this quarter. Arizona is currently a medical cannabis state but is on the verge of becoming an adult-use market if Arizona Proposition 207 is approved at the November 3, 2020 election.
Platinum Vape has reportedly signed a services agreement and a sublease with a leading Arizona MSO. Per the terms of the agreements, PV has subleased a 6,000 sq ft licensed facility and anticipates its branded products will be available in Arizona this quarter.
“Platinum continues to execute on their expansion plans into a market that I expect to be in the top 5 in the US. The Platinum brand is quickly becoming recognized as the market leader in quality, safety and user experience. Rogers further added, “Arizona isn’t only getting a great brand and incredible product, they’re getting George, Cody and the entire team at PV’s solidarity and selfless commitment to making the best possible cannabis products,” commented RWB Chairman & CEO Brad Rogers.
Platinum Vape is a leading cannabis purveyor with a full line of premium products that are sold at over 750 retailers throughout Michigan, California and Oklahoma. The PV brand has an impressive 84% approval rating on the popular website WeedMaps. Through financial discipline and strong management, Platinum boasts current annualized revenues of more than USD $75 million with EBITDA of approximately 25% – 30%.
Source: Shutterstock
According to New Frontier Data, Arizona has a population of approximately 7.4 million people, with roughly 1.2 million cannabis consumers, including the legal market and black-market. Arizona’s medical marijuana market generated revenue of $768 million in 2019. If the state’s Prop 207 is approved at the November election, Arizona’s legal adult-use cannabis market is expected to generate first-year sales of $341 million and, by 2025, grow to over $1 billion in annual revenue.
In regards to Prop 207, Ballotpedia states: “Proposition 207 would legalize the possession and use of marijuana for adults (age 21 years or older) in Arizona. Individuals would be permitted to grow no more than six marijuana plants in their residences, as long as the plants are within a lockable enclosed area and beyond public view.”
Read more about Arizona’s Proposition 207 here.
RWB Stock Price Action & Chart
Shares of Red White & Bloom’s CSE listed RWB stock surged another 5.17% today, closing the day at $0.61 per share. The company’s U.S. listed RWBYF shares closed the day at $0.48, up 8.81%.
Source: Shutterstock
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Also Read: A Deep Dive into Rising U.S. Cannabis Operator Red White & Bloom
With U.S. Pot Stocks the Hot Theme of 2021, Here’s Why Red White & Bloom Could Be One of the Cannabis Sector’s Top Performers
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