Red White & Bloom to Acquire 3.6 Million Square Foot Illinois Greenhouse Operation for Premium Hemp Production
VAUGHAN, Ontario, May 28, 2019 (GLOBE NEWSWIRE) -- MichiCann Medical Inc., operating as Red White & Bloom (“RWB” or the “Company”), has signed an LOI to acquire the world’s largest indoor premium hemp facility, located in Granville, Illinois. In operation since 1978, the greenhouse has been granted its Hemp Grower License and Hemp Processor Registration from the Illinois Department of Agriculture.
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According to the Brightfield Group: “CBD is growing faster than cannabis in the U.S. and the hemp-CBD market alone could hit $22 billion by 2022. It’s been flying under the radar but is set to explode, having profound impacts on CPG and Pharma.”
Anchored by the Illinois facility, RWB intends to establish large-scale production capabilities focused on hemp extraction and product manufacturing within the United States. Management’s experience in creating the first standardized cannabis production facility in Canada will allow it to establish this state-of-the-art Illinois facility as the bellwether for standardization of premium hemp CBD, and CBD-derived medicines and products.
Facility Highlights:
- Family-owned 3,612,866 sq. ft. Greenhouse including 451,282 sq. ft. of production and warehouse facilities
- Over 231 acres of land
- 175 fulltime employees with over 400 workers at peak season
- Concrete floors
- Operable roof system
- Priva computerization of entire greenhouse
- Ebb and flood watering with 100% water recycling
“We continue with our plan to rapidly expand from our base in Michigan and invest in scaled operations across the United States as we bring together additional components of our Multi State Operator strategy,” stated RWB CEO Brad Rogers. “We have been making investments in IP, formulations and brands as well as finalizing terms on a number of other transactions for our CPG rollout later in 2019. We believe these efforts will allow us to expand our presence expeditiously and help position the Company to be one of the largest national players in the rapidly expanding U.S. cannabis market.”
Media Contact:
IR@redwhitebloom.com
About MichiCann Medical Inc.
MichiCann Medical Inc., operating as Red White & Bloom, a refined group of experts, pioneers and visionaries, has elevated the cannabis industry’s standard of excellence with a proven track record of building profitable businesses. RWB plans to further expand from its first-mover advantage in Michigan and pursue opportunities in other states with high cannabis and hemp consumption. Expansion will include cultivation, processing and manufacturing, along with retail distribution in both THC and hemp-based CBD products.
Safe Harbor
Certain statements herein relating to the Company constitute “forward-looking statements” within the meaning of applicable securities laws, including without limitation, statements regarding future estimates, business plans and/or objectives, sales programs, forecasts and projections, assumptions, expectations, and/or beliefs of future performance, are “forward-looking statements”. Such “forward-looking statements” involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements. Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including production and/or sales of medical marijuana, quantities of future medical marijuana production, anticipated revenues in connection with such sales, the overall projected size of the market, completion and/or expansion of production facilities, and other information that is based on forecasts of future results, estimates of production not yet determinable, and other key management assumptions. Actual results may differ materially from those expressed or implied by such forward-looking statements and involve risk and uncertainties relating to the Company’s historical experience with regulatory changes, timeliness of government approvals for the granting of permits and licenses, changes in medical marijuana prices, actual operating performance of facilities, and other uninsured risks. The Company assumes no responsibility to update or revise forward- looking information to reflect new events or circumstances unless required by law. Contents are provided for general information purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any security in any jurisdiction. The information in this news release is qualified in its entirety.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8296d05c-4681-46d2-b7e6-0906dfdabd30
Released May 28, 2019
