Red White & Bloom Purchases Cultivation Pods for Florida; Immediately Shipping to Ready for Upcoming Deal Closing
- 30 turn-key grow pods will allow for over 14,000 feet of immediate canopy for cultivation of premium cannabis
- Existing indoor facility to provide infrastructure for modular pod deployment to support store openings
- Projected yield to exceed 7000 pounds of flower per year with a retail value in excess of US$40 million annually1
- Company anticipates closing of Florida acquisition this quarter
TORONTO, April 06, 2021 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB) (OTC: RWBYF) (“RWB” or the “Company”), announced today plans to increase cultivation capacity upon closing of the previously announced definitive agreement to enter the Florida cannabis market.
RWB has secured 30 double wide fully enclosed cultivation pods that collectively provide approximately 19,000 square feet of operating space, with 14,400 square feet of canopy. Each unit is specifically designed and outfitted for premium cannabis cultivation.
These units, once online, shall be able to produce in excess of 7000lbs of flower annually, as well as thousands of pounds of trim with an estimated value in excess of US$40 million annually1.
The Company will be taking delivery of the units in Florida for deployment at the Sanderson Property, which forms part of the Florida acquisition agreement and includes the sale of the property in Sanderson, with over 15 acres of land and a 113,546 SF facility for cultivation and processing.
The pods will allow the Company to immediately operationalize additional cultivation capacity, as it drives to expedite the opening of additional medical marijuana dispensary locations and implements home delivery shortly after closing of the transaction. It is anticipated, as per the Company’s previous press releases, that subject to regulatory approval, this transaction will close in Q2 2021.
Self-contained, technically advanced cultivation pods provide a unique opportunity for RWB to produce ultra-premium product for the Florida marketplace that is significantly differentiated to what is commonplace in the market today. The majority of Florida’s medical cannabis market is supplied with mass produced flower with common strains. RWB looks to satiate the State’s demand for a more premium product utilizing a craft-grown discipline for cannabis flower and leveraging both the Platinum Vape and exclusively licensed High Times® brands.
1 Based on $45 per 1/8 ounce estimated sale price per: https://fldispensaries.com/florida/dispensary/prices/
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 Florida, Illinois, California, Michigan, Oklahoma and Arizona 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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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, the PharmaCo acquisition, Florida acquisition, Illinois acquisition and previously announced financing commitments. 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 April 6, 2021