- Predominately focusing its investments on major markets in the US
- Operates in Michigan, Illinois, Massachusetts, California, and Florida
- Changed name from Tidal Royalty in April 2020 having completed merger with MichiCann Medical
What Red White & Bloom does:
Red White & Bloom Inc. (CSE:RWB) (OTCQX:RWBYF) is positioning itself to be one of the top three multi-state cannabis operators active in the US legal cannabis and hemp sector.
The company is predominately focusing its investments on major markets in the United States, including Michigan, Illinois, Massachusetts, California, and Florida with respect to cannabis and the entire US for legal hemp CBD based products.
Red White & Bloom changed its name from Tidal Royalty Corp in April 2020 having completed a merger with MichiCann Medical Inc.
The merger added operations in Massachusetts to the firm’s existing footprint in Michigan and Illinois and gave Red White & Bloom an overall cannabis cultivation footprint of over 4 million square feet.
Red White & Bloom chairman and CEO Brad Rogers is seen as a true visionary for the future of cannabis and CBD products in the United States, with a proven track record of building tremendously successful and profitable businesses.
A pioneer in the sector, Rogers was part of the team that built one of the first commercially scaled production facilities in the world for medical cannabis. He later served as president of one of the leading licensed cannabis producers in Canada.
How is it doing:
When completing its merger with MichiCann Medical at the end of April 2020, Red White and Bloom said its mandate is to operate at scale in states that provide the largest return for its partners and shareholders.
In Michigan, Red White and Bloom’s investee owns 10 operating dispensaries and leased eight additional locations scheduled to open in 2020. Facilities include two operational indoor cultivation facilities and an outdoor property.
The company also has a multi-SKU product line that boasts vape cartridges and pre-packaged flower sold at dispensaries throughout Michigan.
Red White and Bloom’s Illinois footprint includes the largest indoor CBD cultivation facility in the country at 3.6 million square feet, sitting on 236 acres in Putnam County. The facility produces high-quality cannabinoids and distillate and agreements are in place for supply and distribution of flower within the US and CBD distillate internationally.
The company’s Massachusetts assets, originally operated by Tidal Royalty, include three cannabis licenses allowing for cultivation and processing and nearly three acres of development land. RWB said it is looking at “a number of strategic options” for the assets in 2020.
In connection with the MichiCann Medical merger, Red White and Bloom completed a share consolidation on a 16:1 basis, giving the company around 132.2 million issued and outstanding shares.
Inflection points:
- Expansion of operations in the US
- Changes to US cannabis legislation
What the boss says:
Red White and Bloom CEO Brad Rogers told shareholders in the group’s April 2020 statement: “We have worked diligently to build RWB over the last two years in the face of significant headwinds in the cannabis industry.”
“Despite said challenges, our industry-leading team of professionals has been able to quickly establish a significant presence in the United States. The closing of this transaction was the next step in our evolution and has bolstered our balance sheet, added Massachusetts assets to our footprint, and has enabled us to become a reporting issuer," he added.
Contact the author at jon.hopkins@proactiveinvestors.com