Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) announced today via its wholly-owned subsidiary RWB Michigan the debut of Platinum Vape (PV) Live Resin in the Michigan cannabis market. Previously only available in California and Oklahoma, Platinum Vape (PV) Live Resin will soon be in the nearly 400 Michigan dispensaries that now carry Platinum products.
PV Live Resin offers consumers a compact product with multiple consumption options that packs all the benefits of flower and the 80+ cannabinoids that work in synergy to bring the plant’s unique therapeutic qualities to life.
Commenting on today’s announcement, RWB Chairman & CEO Brad Rogers stated:
“As promised, the Red White & Bloom team is introducing a steady stream of new products and consumption options to satisfy consumer demand in the rapidly growing Michigan cannabis market. In the U.S., live resin sales grew 86% since 2020, as reported by Greentank. We believe this is just the tip of the iceberg for the live resin opportunity since so many new cannabis consumers are totally unfamiliar with live resin and migrate to it once they learn more about cannabis and discover live resins’ many advantages.”
PV Live Resin captures and preserves the trichomes and terpenes of RWB’s premium cannabis strains to deliver a lush flavor profile and high potency experience for maximum enjoyment. RWB anticipates PV Live Resin will be extremely popular with customers because they know and trust the PV brand and can appreciate that PV now offers a new convenient, and economical way to enjoy its pure, high-quality cannabis’ full entourage effect.
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Rogers added:
“With our newly acquired cultivation, manufacturing and distribution centers in Michigan, we are streamlining our entire seed-to-sale processes and expediting the development and go-to-market timelines for new products. We’ve already begun expanding distribution of our PV branded products, including the new Live Resin line. Our PV line is now carried in nearly 400 of Michigan’s 460+ dispensaries.”
Although most frequently recognized as a leading, award-winning vape brand, RWB’s expanded Platinum Vape portfolio includes live resin, gummies, chocolates and premium cannabis flower that has become very popular in California and other areas. The PV brand is extremely strong in Michigan, with ArcView/Greentank’s 2021 Q3 Industry Vape Report naming Platinum Vape as the #1 brand vape cartridge in Michigan, LeafLink naming it a Biggest Brand in Michigan, and winning a Thrillist “Best of 2020” Edible Award for its Baked Apple Pie Gummies and a Farmer’s Cup 2nd place for its Raspberry Cheesecake Chocolate Bar.
Growth of Michigan Cannabis Market
The Michigan cannabis market’s growth is surpassing expectations, making it an ideal environment for RWB brand extensions. Michigan’s total cannabis sales for 2021 were $1.79 billion, as reported in MJ Biz Daily, “The rapid growth in the past two years, driven by strong demand, has vaulted Michigan’s overall monthly sales ahead of those in more established markets such as Colorado. Combined sales of medical and recreational marijuana products in Michigan reached $168 million in December 2021, just shy of July’s $171 million monthly sales record. Much of Michigan’s growth has been driven by recreational sales. Monthly sales have doubled since January 2021, with December sales topping $135 million.”
RWB to Release 2021 Year-End Earnings May 2nd
Red White & Bloom will be releasing its year-end 2021 financial results on Monday, May 2nd, 2022 after market close. The company will also host a conference call on Tuesday, May 3rd, 2022 at 5:00 PM EST, with CEO Brad Rogers set to discuss RWB’s Q3 2021 results, operations, and upcoming events, followed by a Q&A with management.
To listen to the webcast online as well as submit questions, please use this link. Questions during the Q&A will only be accepted via this online link.
A replay of the call will be available for 90 days starting three hours after the conclusion of the call by dialing 877-660-6853 or 201-612-7415 then entering access ID: 13728614.
A recording of the call will be available on RWB’s Investor Relations website approximately three hours following the conference call.
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