Tidal Reports on the Status of the Red White & Bloom Merger
Update Includes Images from RWB’s Illinois CBD Facility
Tidal Royalty (CSE: RLTY.U) (OTCPK: TDRYF) released a corporate update this morning informing investors of the status of its pending merger with MichiCann Medical o/a Red White & Bloom (CSE: RWB – IPO Soon). The press release also included an operational and production update on Red White & Bloom including a series of images of its massive Illinois CBD cultivation facility.
Regarding the merger, Tidal provided the following update:
“The transaction with MichiCann is steadily and strategically moving forward, staying true to the original overall strategy, which is to achieve critical mass within our target markets, while rapidly and aggressively expanding in the U.S. cannabis and CBD business.”
“We want to assure our shareholders that we are continuing to closely monitor public market conditions, drawing on our own experience in capital market strategy and seeking the advice of many seasoned capital markets veterans to identify the appropriate time to close the MichiCann amalgamation transaction.”
- RWB now holds 17 dispensary licenses with plans to increase that number to 25 by the end of the year.
- The company has secured over 20 Class C grow licenses. Each of these licenses covers 1,500 plants.
- This month the company acquired a 28,000 sq. ft. operational indoor cannabis grow boosting its near-term cultivation capacity.
- The addition of new self-contained year-round pods will extend the company’s outdoor growing season in Michigan by providing additional immediate growing space without significant new construction costs and timelines.
- The company continues to negotiate the close of a California acquisition and will release additional details when appropriate.
- Signed a term sheet for USD$50 million in debt financing. The company will use the funds to replace the previously reported USD$27 million bridge loan, as well as to complete the purchase of the Illinois CBD cultivation facility and for additional expansion capital.
- Successful launch of its 1Kure brand in 10 of its operating stores in Michigan. The company’s marketing team has been working diligently behind the scenes developing a modern brand strategy that includes Red White & Bloom branded CBD products. RWB CBD products will target the fitness, beverages, wellness, pain management, men’s grooming and pet care markets.
- Red White & Bloom CEO Brad Rogers will be a keynote speaker at the prestigious, invite-only BrandWeek CMO Conference in Palm Springs on November 3 – 6, 2019. Brad will be speaking about purpose-driven CBD and representing RWB as the only cannabis company amongst the other top U.S. brands at the event. Other leading U.S. brands attending the event include Johnson & Johnson, Heineken, Sephora and Target.
The images below are of Red White & Bloom’s massive Illinois CBD cultivation facility which is already legally growing high yield CBD strains over approximately 2.5 million sq. ft.
RWB was able to quickly and efficiently convert this huge facility into CBD production. This should provide investors with confidence in RWB’s ability to do the same with other facilities in the future.
RWB has been completely hands-on and has worked closely with the Illinois staff over the past three months. The Illinois team has been able to quickly adapt to the new crop, and have already produced outstanding strains for live resin extraction and whole flower.
Aerial View of RWB’s 3.6 Million sq. ft. Illinois CBD Greenhouse
Inside Look at the CBD Cultivation Facility
Another Angle of the Gorgeous Crop Inside the Greenhouse
Up Close Ground Floor View of a Healthy Flowering Plant
Snapshot of the Beautiful Harvest Drying and Curing
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Disclaimer: The Cannabis Investor owns a position in RWB.
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