Red White & Bloom Receives Final Approval To Launch Adult-Use Cannabis Sales In Michigan

Red White & Bloom Brands Inc. RWB RWBYF confirmed Tuesday it has received adult-use prequalification status under the licensing provisions of the Michigan Regulation and Taxation of Marihuana Act and associated rules via its subsidiary, RWB Michigan, LLC.

What this means

This approval represents the authorization of the company to move forward with its full operational strategy in Michigan and complete the licensing process for its intended facilities.

“Michigan has been one of the highest bars of entry to any market we’ve entered,” RWB CEO and chairman Brad Rogers said. “The regulatory body has done it right, and all stakeholders should feel comfort with the level of scrutiny and governance they require to be compliant operators. This now provides a clear path for us to fully execute on our strategy of being the house of brands and being great channel partners to all of our distribution points as well as our own planned flagship retail locations.”

Rogers also revealed some cannabis-related stats for the state:

• July cannabis sales in the state hit $171 million, or more than $23 million in tax revenue;
• “Michigan’s early 2021 sales have put the state on pace to not only break the $2 billion sales threshold but, also blow right past it,” Rogers noted.

 “We are about to finally deliver to our shareholders the financial results from our judicious investments in the great state of Michigan.”

More recent news from Red White & Bloom Brands:

Red White & Bloom Brands Q2 Revenue Improves 13% QoQ To $13.3M, Signs Agreements To Restructure $20M Debt

Red White & Bloom Cannabis Shares Slightly Down After Drop In Q1 2021 Revenue

Price Action

Red White & Bloom’s shares were trading 2.73% higher at $0.83 per share during Wednesday's morning market session.

Photo: Courtesy of Add Weed on Unsplash