Red White & Bloom Florida Subsidiary Closes Acquisition of 45,000 Square Foot Greenhouse on 4.7 Acres in Orange County
-New Greenhouse to begin yielding product by year end 2021-
-Acquisition adds near term cultivation capacity while company looks to bring on line its 114,0000 square foot facility in Sanderson Florida -
TORONTO, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) ("RWB" or the "Company"), a multi-state cannabis operator and house of premium brands, strategically advanced its cultivation and production initiatives in the Florida market, with the purchase of a fully operational greenhouse in Apopka, Florida.
Red White & Bloom Florida LLC (“RWBFL”), a Red White & Bloom Brands subsidiary, has closed on the acquisition of an operational 45,000 square foot greenhouse situated on 4.7 acres of land in Apopka, Florida. The Red White & Bloom team will begin 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.
"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," said Jim Frazier, GM of RWB Florida. "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."
RWB’s brands include iconic names such as High Times and the successful Michigan and California ‘Platinum’ 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. "With such high patient demand in Florida," said Brad Rogers, CEO of Red White & Bloom, "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".
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.
Details of the Transaction
The Company and RWB Florida LLC completed a Real Estate Purchase and Sale Agreement for a purchase price of US $1,875,000 payable as to: (a) US $750,000 cash paid on closing; (b) US $125,000 in the form of promissory note of RWB Florida LLC payable in 5 monthly instalments commencing 30 days after Closing; and (c) US $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.
About Red White & Bloom Brands Inc.
The company is positioning itself to be one of the top three multi-state cannabis operators active in the US legal cannabis and hemp sector. RWB is predominantly focusing its investments on the major US markets, including Michigan, Illinois, Florida, Oklahoma, Arizona, and California with respect to cannabis, and the US and internationally for hemp-based CBD products.
For more information about Red White & Bloom Brands Inc., please contact:
Tyler Troup, Managing Director
Circadian Group IR
Visit us on the web: www.RedWhiteBloom.com
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Released August 4, 2021