- Red White & Bloom Brands Inc. is a multi-state operator building steam within the cannabis market, particularly with recent growth developments in Florida and Michigan
- The company has obtained prequalification status for recreational use marijuana production in Michigan, and built out a production facility in Florida for edibles and other cannabis derivatives
- Florida is the nation’s third-largest market for cannabis and the largest for medical cannabis
- Red White & Bloom has named former congressman and current policy strategist Ryan Costello to its board to help drive the company’s plans for expansion
Cannabis multi-state operator and brand builder Red White & Bloom Brands (CSE: RWB) (OTCQX: RWBYF) is positioning itself to become a market leader in the U.S. legal cannabis and hemp sector, announcing recently that it has welcomed former U.S. Congressman and now-public policy consultant Ryan Costello to its Board of Directors (https://ibn.fm/JV7YB).
Costello, an experienced strategist who advises companies on matters before legislative and administrative agencies, has a wealth of knowledge on healthcare, energy, environmental, technology and transportation matters. He will “deepen the Company’s U.S.-based representation, which is key, as federal policy on cannabis shifts through many of the bills scheduled to reach the House of Representatives and Senate over the near future,” Chairman and CEO Brad Rogers stated in the news release.
As an example of Red White & Bloom’s growing strength in its pursuit of stature as one of the top three multi-state cannabis operators active in the United States, the company announced earlier this month that it has built-out a new production facility to good manufacturing practice (“GMP”) specifications in Florida as part of an effort to capitalize on the growing cannabis derivative market there (https://ibn.fm/AY6Ru).
Florida has become a battleground for U.S. multi-state operators, having established itself as the third-largest cannabis market in the country by annual sales and the largest market for medical marijuana, according to a recent Forbes report (https://ibn.fm/6QULM).
“When we think about the future catalyst ahead in Florida, and we think about it going recreational and having the ability to sell to 130 million tourists every year, the opportunity is significant,” one company’s CEO told Forbes. “I don’t believe that there’s another market like it currently in the U.S.”
The legalization of adult recreational use cannabis appears to be a few years away yet given the state Supreme Court’s response to the most recent legislative efforts, but advocates believe the momentum is building at a solid pace.
Red White & Bloom has built a branded capsule and rosin line as well as a proprietary line of chocolates that the company expects to have out to medical patients by the end of the year. The Florida facility is a 4,800-square-foot standalone structure built to accommodate demand for edibles that grew from $5.3 million a month to over $13 million a month during the first half of the year, according to data provided by analysts at cannabis market watcher BDSA (https://ibn.fm/BNPf1).
Elsewhere, Red White & Bloom received adult recreational use prequalification status in Michigan earlier this month as it works through the licensing provisions and associated rules in that state.
“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,” Rogers stated in the announcement (https://ibn.fm/iCUZ1).
For more information, visit the company’s website at www.RedWhiteBloom.com.
NOTE TO INVESTORS: The latest news and updates relating to RWBYF are available in the company’s newsroom at https://ibn.fm/RWBYF
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