Red White & Bloom Brands has received all regulatory approvals and has closed its acquisition of PharmaCo via RWB Michigan, the company’s wholly-owned subsidiary, in an all-stock transaction.
“I’m pleased to announce that we have closed on the PharmaCo acquisition and now control all aspects of our Michigan operations,” Brad Rogers, Red White & Bloom Chairman and CEO, stated. “This is a major milestone for RWB and its shareholders as we continue to execute key components of our growth strategy and build our house of brands across our core markets, as promised. We are now in the driver’s seat on over 20 assets across Michigan – one of the largest and fastest-growing cannabis markets in the country.”
“RWB’s strategy is to optimally leverage regulatory frameworks in our core markets for success, financially and operationally,” Rogers continued. “Through our previous partnerships, we were able to propel our Platinum Vape brand cartridges to the #1 most popular brand in Michigan and establish a solid distribution channel for additional branded products. As we take full control of our Michigan operations from seed-to-sale, our anticipated 2022 initiatives include extending our branded product lines, updating our dispensaries to heighten the customer experience, creating supply chain efficiencies, and growing revenue and profitability.”
The PharmaCo acquisition expands RWB’s footprint in Michigan beyond its Warren manufacturing facility and its industry-leading Platinum Vape brand. RWB now owns and operates the following:
Production-wise, the acquisition includes two operational indoor cultivation facilities totaling over 30,000 sq ft, as well as a licensed 10-acre outdoor cultivation facility operationally ready for the 2022 season.
“We welcome the many talented PharmaCo employees to the RWB team to continue their good work,” Rogers said. “We value their contributions and feel it is important to pay competitive wages and provide key leaders and employees with a stake in the company so they share in the rewards of helping RWB achieve its goals.”
RWB Michigan is committed to investing in the communities in which it is located. RWB will continue to carry the torch with local workforce organizations and community educational programs and partnerships that will provide workplace training and continuing education to qualified employees. Special consideration will be given to qualified local displaced auto workers and veterans.
RWB’s educational and community vision includes a directive of financial and charitable contributions to non-profit and local charities and civic causes within the communities in which it is privileged to do business.
For more information:
Red White & Bloom