June 10, 2021
Financial and cannabis industries news source Benzinga reports a new bump in revenue may accelerate plans for a multi-state operator to dominate the Michigan cannabis market.
Through a series of transaction, Red White and Bloom raised more than $44 million and spent almost $8 million to settle old debts. Benzinga indicates RWB has been “steadily building towards establishing itself in Michigan.” CEO Brad Rogers is quoted as saying the new-found “cash injection” of $36.8 million will allow RWB to “move aggressively towards taking control of our investment” in Michigan.
Benzinga describes RWB as a “Toronto-based company” and reported the transaction amounts in Canadian dollars, though the RWB website says: “Welcome to Red White & Bloom, America’s Cannabis”. Their website’s ‘Michigan Operations’ section list them as the “Largest operator in the state” with “plans for 25 retail stores” and “500k+ sq ft indoor/outdoor grow”, presumably for THC products. The RWB Illinois operations include “3.6 million sq ft of CBD operation” plus the “Largest greenhouse in North America for premium hemp/CBD.” No THC facilities are listed for Illinois.
The only other state RWB has operations in is Massachusetts, with three licenses “in process”. Their website incorrectly claims Massachusetts is “One of ten largest US states by population.” According to the 2020 census, Massachusetts is 15th in population among US states, and they were 14th in the 2010 census. Michigan is the 10th largest US state by population; Illinois is the sixth.
Their Michigan subsidiary is RWB Michigan LLC. They are the company behind Michigan’s ‘High Times’-branded cannabis products, which first appeared in cannabis retail stores in December 2020.