Red White & Bloom Florida Subsidiary Receives Cannabis Cultivation License at Apopka Greenhouse Site; Immediately Begins Grow Operations
RWB launches Phase 1 of cultivation expansion in $1.3 Billion Florida market
TORONTO and APOPKA, FL, Oct. 12, 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, has initiated phase one of an aggressive three-phase development strategy for its two cultivation centers in Florida to ensure the Company produces sufficient inventory for the existing and several new dispensary openings planned for the first quarter 2022.
Red White & Bloom Florida LLC (“RWBFL”), a Red White & Bloom Brands subsidiary, acquired a 45,000 sq. ft. greenhouse with 4.7 acres in Apopka, Florida in July 2021. Phase one of the company’s initial plans for cultivation in Florida, the build-out of Apopka, is now complete. In addition, the site received regulatory approval to commence operations on Sept. 29, 2021. In anticipation of receiving the cultivation license, RWBFL had prepared mother stock in advance, and these plants arrived at the greenhouse the morning of Sept 30, 2021.
The flower production in the initial Apopka licensed area is capable of producing 85 g per plant, with projected annual revenue from this area is in excess of USD $10,000,000 and operations having commenced on Sept 30, 2021. Additionally, the newly designed grow will supply phase two of the Florida plans with the activation of thirty 16’ x 40’ customized, self-contained growing pods. With a targeted Q4 launch, the pods are anticipated to yield almost 10,000 pounds of dried flower per year representing a current medical market value of USD $30,000,000. Phase three of the Company’s initial launch in the State will be the activation of the 113,000 sq. ft. indoor grow facility in Sanderson, Florida.
Projecting a Q4 2021 harvest schedule in the Apopka facility, the company has added additional cultivation specialists specifically for the Florida project from the highly-talented local labor market.
“We brought this site into production ahead of forecast and ahead of budget and I’m very proud of our Florida team,” said Brad Rogers, CEO of Red White & Bloom. “Despite being relatively new players in the Florida market, I feel we have the most talented team of PhDs and horticulturalists, and an incredible grow infrastructure to bring the highest quality products, rich in terpenes and cannabinoid content, to some of the best retail locations in the state starting in Q1 2022.”
Industry data providers continue to indicate a significant increase in Florida patient demand. The OMMU [Office of Medical Marijuana] released a 2021 market update showing 89% of Floridians surveyed, think adults should be legally allowed to use medical marijuana. https://knowthefactsmmj.com/wp-content/uploads/2021/02/ommu_anuual_report_2021_final.pdf
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, 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
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Estimate rev 10M
Released October 12, 2021