Welcome to our dedicated page for Red White Bloom news (Ticker: RWBYF), a resource for investors and traders seeking the latest updates and insights on Red White Bloom stock.
Red White & Bloom Brands Inc. reports developments for a multi-state cannabis operator and brand platform with operations in the United States, Canada and select international markets. Company updates center on Canadian continuous-disclosure filings, audited and interim financial statements, MD&A and officer certifications, together with operating developments in cannabis retail, distribution, processing and cultivation.
Recurring news also covers capital-structure actions such as debt settlements and refinancing initiatives, the optimization or exit of non-core assets, and state-market activity in Florida, Michigan, California, Missouri and Ohio. Recent corporate-status items include the revocation of a failure-to-file cease trade order and the receivership of Pharmaco assets in Michigan.
Red White & Bloom Brands Inc. (OTC: RWBYF) has established a 15,000 sq. ft. cannabis manufacturing and distribution hub in Warren, Michigan. This facility will enhance the distribution of its products, including the acclaimed Platinum Vape brand, which is a top seller in Michigan's $1.8 billion cannabis market. The company plans to hire 30 full-time employees initially, aiming for 50 in 2022. RWB will expand its product line to include gummies and chocolates, leveraging existing brand equity to penetrate over 400 dispensaries across Michigan.
Red White & Bloom Brands Inc. (OTC: RWBYF) issued 6,784,812 shares to settle a CAD$5.1 million debt at a conversion price of CAD$0.75 per share, resulting in an accounting gain of CAD$2.3 million. The company has also refinanced a CAD$12.8 million vendor take-back note with an aggregate CAD$14.6 million secured debenture at a 10% annual interest rate, maturing on May 30, 2022. Furthermore, 500,000 stock options and 135,000 restricted share units were granted as part of its compensation strategy.
Red White & Bloom Brands (CSE: RWB, OTCQX: RWBYF) reported impressive Q3 2021 financial results, achieving a 93% revenue increase to $11.8 million compared to Q3 2020. Year-to-date revenue soared by 386% to $36.9 million, while EBITDA improved significantly, reaching $5.9 million. Although net loss for the nine months increased to $73.8 million, the company is expanding its footprint in Michigan and Florida, anticipating robust future revenue growth. The acquisition of a Michigan investee is in process, promising further strategic benefits.
Red White & Bloom Brands Inc. (RWBYF) will release its Q3 2021 financial results on November 29, 2021, after market close. A conference call, introducing new CFO Christopher Ecken, is scheduled for November 30, 2021, at 5:00 PM ET, where Q3 results and future plans will be discussed. RWB aims to establish itself as a top player in the U.S. cannabis market, focusing on states like Michigan and California. The Company will also announce earnings report dates 30 days in advance moving forward.
Red White & Bloom Brands (RWBYF) is advancing its Florida expansion by launching 30 grow pods at its Apopka facility, adding 19,200 sq. ft. of cultivation space. This is expected to generate $30 million in annual revenue. The first five pods are already operational, with full deployment targeted for December 1. Additionally, the company has initiated its edibles production, launching a new line of chocolates. With ongoing development and hiring efforts, RWBYF aims to support its upcoming dispensary openings in St. Petersburg, Daytona, and Miami Beach, enhancing its market presence in Florida's growing cannabis industry.
Red White & Bloom Brands has announced that shareholders representing over 50 million Series II Preferred Shares have agreed to a lock-up term until April 24, 2022. This extension allows shareholders to maintain their rights, including a 5% annual dividend payable upon conversion. The CEO, Brad Rogers, emphasized the company's commitment to developing a premium brand strategy within the U.S. cannabis market, while ensuring long-term shareholder value. RWB aims to be among the top three multi-state operators in the cannabis sector, focusing on key U.S. markets.
Red White & Bloom Brands Inc. has appointed Christopher Ecken as Chief Financial Officer, effective October 2021. Ecken brings over 25 years of experience in the highly regulated spirits and wine industry, including significant roles at Brown-Forman. His expertise in global analytics strategy is expected to drive sustainable growth for the company. The transition comes as RWB aims for uplisting, contingent on safe banking legislation for the cannabis sector. CEO Brad Rogers emphasized the importance of Ecken's background in adapting to the rapidly evolving cannabis market.
Red White & Bloom Brands Inc. (RWBYF) announces the appointment of Colby De Zen to its board of directors, enhancing its governance with his extensive expertise in operational management and investments. De Zen, managing director of the De Zen Family Office, has significant experience in sectors such as real estate, technology, and cannabis. His role is expected to support RWB's expansion efforts in key U.S. markets, including Michigan and Florida. RWB aims to leverage his skillset to create shareholder value through operational efficiency and strategic growth initiatives.
Red White & Bloom Brands Inc. (RWBYF) is ramping up production at its Platinum Vape facility in Michigan to meet growing demand, expecting to produce over 450,000 vape cartridges per month starting November. The company has strengthened its balance sheet by redeeming $5 million in convertible debentures, eliminating a potential 8.8 million share issuance. Recent management changes aim to localize operations and enhance compliance across its various markets. The transition plan also includes waiving a $7.5 million earn-out payment, previously a liability.
Red White & Bloom Brands Inc. (RWBYF) has launched Phase 1 of its cultivation expansion strategy in Florida, targeting the $1.3 billion cannabis market. The initial build-out at its Apopka facility has been completed, with operations commencing on September 30, 2021. This facility projects annual revenues exceeding USD $10 million, producing 85 grams per plant. Future phases include the activation of growing pods and a larger indoor facility, expected to yield 10,000 pounds of dried flower per year and a market value of USD $30 million. The company anticipates strong patient demand for medical marijuana in Florida.