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. (RWBYF) operates at the forefront of cannabis brand innovation and regulated market strategies. This comprehensive news hub provides investors and industry observers with essential updates on the company's operational milestones, regulatory navigation, and product developments within the evolving cannabis sector.
Access timely updates spanning earnings reports, strategic partnerships, product innovations, and compliance achievements. Our curated collection ensures you stay informed about RWBYF's market positioning and brand expansion efforts without promotional bias.
Key coverage areas: quarterly financial disclosures, licensing developments, distribution network updates, and leadership initiatives. All content is verified for accuracy and relevance to support informed decision-making in this dynamic industry.
Bookmark this page for streamlined access to RWBYF's official communications and third-party analysis. Regular updates ensure you maintain current awareness of the company's progress in creating premium cannabis consumer experiences.
Red White & Bloom Brands Inc. (RWBYF) announces the appointment of Mr. Ryan Costello to its Board of Directors, effective upon regulatory approval. Costello, a former U.S. Congressman and public policy consultant, brings extensive experience in federal cannabis policy and regulatory law. His background includes serving on key congressional committees related to healthcare and cannabis. RWB aims to strengthen its market position in the U.S. cannabis sector, targeting major markets including Michigan, Illinois, and California.
Red White & Bloom Brands Inc has established a new production facility in Florida, built to GMP specifications, to meet the rising demand for cannabis derivatives. The medical cannabis market in Florida is projected to reach $1.5 billion in 2021 and could grow to $2.6 billion by 2026. This 4,800 square foot facility will support the production of edibles, including a proprietary line of chocolates, launching in Q4 2021. According to BDSA, the market for ingestible products has surged, with a growth of over 145% in the first half of 2021.
Red White & Bloom Brands (RWBYF) has received an Adult Use license in Michigan, marking a crucial step in its acquisition of substantial cannabis assets. This includes 18 dispensaries and 4 cultivation facilities, significantly boosting its operational capacity. The Michigan market, with a population of around 10 million, saw cannabis sales reach $171 million in July alone, contributing over $23 million in tax revenue. The company expects to integrate these assets into its financial statements, enhancing its role as a major player in the U.S. cannabis sector.
Red White & Bloom Brands Inc. (CSE: RWB, OTCQX: RWBYF) reported adjusted sales of $58.5 million for the first half of 2021, with Q2 revenue up 13% from Q1. The company reduced short-term obligations by repaying $18 million in debt and restructuring over $20 million into long-term debt. Strategic investments in Florida are expected to enhance capacity. The Q2 gross margin was $9.5 million, and significant inventory purchases are anticipated to positively impact future revenues as operations expand. The company is progressing to secure full licensing in Michigan.
Red White & Bloom Brands Inc. (CSE: RWB, OTC: RWBYF) will release its Q2 2021 financial statements on August 30, 2021, after market close. The company is targeting top-tier positions in the US cannabis and hemp sector, focusing on states such as Michigan, Illinois, Florida, Oklahoma, Arizona, and California. RWB aims to enhance its footprint in the legal cannabis market.
Red White & Bloom Brands Inc. (RWBYF) has acquired a 45,000 square foot greenhouse in Apopka, Florida, for $1,875,000 to expand its cultivation capacity. This facility will support a planned Q4 2021 harvest and enhance product availability for RWB's Florida dispensaries. The acquisition aligns with RWB's strategic growth in the cannabis market, particularly in Florida, where demand is high. The greenhouse is expected to create 40-50 local jobs, further contributing to the community.
Red White & Bloom Brands Inc. reported Q1 2021 adjusted sales of $32.7 million, marking a 14.5% increase from Q4 2020. This growth was partly mitigated by the strengthening Canadian dollar, which reduced revenue by about $1 million. However, revenue fell to $11.8 million, down from $15.7 million in Q4 2020, due to IFRS reporting challenges in Michigan. Product sales in Michigan rose by 18%, with expectations for improved revenue recognition upon full licensing. A conference call is scheduled for July 27 to discuss results and outlook.
Red White & Bloom Brands Inc. reported a strong financial performance for Q4 2020, with adjusted sales of CDN $28.6 million, a 290% increase over Q3 2020. Total revenue for Q4 reached CDN $15.7 million, up 158% quarter-over-quarter. For the full year, adjusted sales were $37.8 million, and revenue amounted to $23.3 million.
Despite significant growth, the company reported a net loss of $18.6 million for 2020, largely due to non-cash items. RWB is focusing on expansion and operational synergies in key states.
Red White & Bloom Brands Inc. (CSE: RWB, OTCQX: RWBYF) has announced the scheduled release of its financial statements and management discussion for the fiscal year ended December 31, 2020, and Q1 ended March 31, 2021. The financial documents will be released on July 22 and July 26, 2021, respectively, followed by a management conference call on July 27, 2021. The delay in filings was due to the transition to a new auditor, Macias Gini & O’Connell LLP, after the previous auditor's health issues interrupted the audit process.
Red White & Bloom Brands Inc. (RWBYF) is currently in the process of completing the audit and filing of its annual financial statements for the year ended December 31, 2020. The Company is collaborating with MGO and MNP LLP, and intends to remain compliant with NP 12-203 by issuing bi-weekly reports on their filing status. The delay in the filing is attributed to health issues affecting the previous auditor. RWB aims to position itself as a leading multi-state cannabis operator in major U.S. markets.
