Red White & Bloom’s Platinum Vape Expanding into Arizona
- Arizona’s medical market is expected to reach sales of up to $915 million for 2020; Recreational cannabis to be voted on in November’s election which would further increase market size -
- Platinum’s products are currently sold within Michigan, California and Oklahoma through over 750 locations -
TORONTO, Oct. 08, 2020 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) is pleased to announce that Platinum Vape (“Platinum” or “PV”) has entered into agreements with a third-party licensed MSO to launch Platinum products in Arizona later this quarter.
PV has entered into a services agreement and sublease with a leading MSO in the State of Arizona. Under these agreements, PV has subleased a licensed facility that encompasses approximately 6,000 square feet of space and expects to see PV branded products in the Arizona market this quarter.
Chairman & CEO Brad Rogers stated, “Platinum continues to execute on their expansion plans into a market that I expect to be in the top 5 in the US. The Platinum brand is quickly becoming recognized as the market leader in quality, safety and user experience. Rogers further added, “Arizona isn’t only getting a great brand and incredible product, they’re getting George, Cody and the entire team at PV’s solidarity and selfless commitment to making the best possible cannabis products.”
New Frontier Data estimates that with a population of roughly 7.4 million, Arizona has nearly 1.2 million cannabis consumers in total (i.e., legal or illicit). Should Prop 207 pass, Arizona’s legal adult-use market is projected to generate $341 million in revenue in its first year, and expand by 2025 to generate over $1 billion in revenue. In 2019, Arizona’s medical market rang up $768 million in sales.
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 U.S. legal cannabis and hemp sector. RWB is predominantly focusing its investments on the major US markets, including Michigan, Illinois, Massachusetts 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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FORWARD LOOKING INFORMATION
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes information relating to the implementation of the Company’s business plan including Platinum’s expansion plan into Arizona and its ability to launch Platinum products in Arizona later this quarter. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
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Released October 8, 2020