- Red White & Bloom Inc. recently completed the acquisition of an operational 45,000 square-foot greenhouse situated on 4.7 acres of land in Apopka, Florida
- The acquisition comes less than four months after the company closed the purchase of a property in Sanderson, Florida
- RWB is intent on expanding its cultivation footprint in Florida as it also seeks to grow the number of retail stores in the state
- The Apopka facility will add near term cultivation capacity as RWB waits for the Sanderson facility to become operational
A little less than four months after completing the acquisition of a property in Sanderson, Florida, Red White & Bloom Brands (CSE: RWB) (OTCQX: RWBYF)
, a company leveraging brand acquisitions and partnerships to become one of the top three multi-state operators in the US legal cannabis and hemp market, has completed another acquisition as part of efforts to expand its cultivation footprint in Florida.
Announced August 4, the acquisition, completed for a total purchase price of US$1,887,000 payable in cash (on closing and in 5 monthly instalments commencing 30 days after closing) and RWB common shares, includes an operational 45,000 square-foot greenhouse sited on 4.7 acres of land in Apopka, Florida (https://cnw.fm/F47oq
RWB intends to begin rapid development on the newly acquired facility to ensure all compliance standards are met in time for a Q4 2021 harvest. The Apopka facility will add near term cultivation capacity as RWB waits for its Sanderson facility to become operational.
To bring the Sanderson facility online, the company announced on April 6 that it had secured 30 double-wide, fully enclosed cultivation pods that collectively provide about 19,000 square feet of operating space. The pods will be deployed at the Sanderson property, which covers over 15 acres of land and has a 113,546 square-foot facility for cultivation and processing (https://cnw.fm/b09Ph
“The Apopka facility is part of the overall strategic vision RWB has for Florida, and we are excited to see such forward progress being made since acquiring our license earlier this year,” stated Jim Frazier, GM of RWB Florida. “The Apopka acquisition cements the fact that we are committed to expansion in Florida, which is in line with the overall company’s growth strategy across the country.”
The two acquisitions are part of a two-pronged strategy that also entails opening new retail stores during the second half of 2021. In line with this target, RWB is building a consistent retail footprint and product line to align with Florida’s medical market. The company also expects to brand its Florida medical dispensaries beginning in the fourth quarter of 2021.
According to Red White & Bloom CEO Brad Rogers, the Apopka facility will allow the company to serve patients with the quality and consistency they deserve in addition to delivering the cultivation required to meet its significant retail expansion goals throughout Florida.
Notably, RWB has always considered Florida a priority market as it seeks to implement its core strategy – to focus on a limited number of markets within which to operate at scale. With the acquisition of the Sanderson property having already marked RWB’s path to entry into the third-largest market by revenue in the US (https://cnw.fm/APgTi
), the new Apopka purchase cements this entry and expansion in the state.
In a 2020 report, analysts at Arcview Market Research and BDSA observed that as the US legal cannabis market grows at an 18.2% CAGR to reach $33.9 billion in 2025, Florida will be among the top contributors to this growth (https://cnw.fm/ZPF4L
). Presently, Florida’s legal cannabis market is estimated to be worth $1.2 billion, with observers pointing out that it is growing every day (https://cnw.fm/I3NZF
In addition to enabling the company to tap into this growth by furthering its expansion in the state, the Apopka facility will facilitate RWB’s product selection plan for its branded dispensaries, as well as provide 40-50 additional employment opportunities for the local community when fully online.
For more information, visit the company’s website at www.RedWhiteBloom.com
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