RWB Announces Launch of Phase 1 Cultivation Expansion in Lucrative $1.3 Billion Florida Cannabis Market
Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) announced this morning that it has initiated phase one of the company’s aggressive three-phase strategy to develop its two Florida cultivation centers. The move will help ensure RWB has sufficient inventory for the company’s existing retail dispensaries as well as for its new dispensaries, which are slated to open in Q1 2022.
RWB’s Florida subsidiary, Red White & Bloom Florida LLC acquired the 45,000 sq ft greenhouse on 4.7 acres in Apopka, Florida in July 2021. Phase one of the company’s initial plans for cultivation in Florida, the build-out of Apopka, is now complete. In addition, the site received regulatory approval to commence operations on Sept. 29, 2021. In anticipation of receiving the cultivation license, RWBFL had prepared mother stock in advance, and these plants arrived at the greenhouse the morning of Sept 30, 2021.
The flower production in the initial Apopka licensed area is capable of producing 85 g per plant, with projected annual revenue from this area is in excess of USD $10 million and operations having commenced on Sept 30, 2021. Additionally, the newly designed grow will supply phase two of RWB’s Florida plans with the activation of thirty 16’ x 40’ customized, self-contained growing pods. With a targeted Q4 launch, the pods are anticipated to yield almost 10,000 pounds of dried flower per year representing a current medical market value of USD $30 million. Phase three of the Company’s initial launch in the State will be the activation of the 113,000 sq. ft. indoor grow facility in Sanderson, Florida.
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Projecting a Q4 2021 harvest schedule in the Apopka facility, the company has added additional cultivation specialists specifically for the Florida project from the highly talented local labor market.
Commenting on the Florida announcement, RWB CEO Brad Rogers stated:
“We brought this site into production ahead of forecast and ahead of budget and I’m very proud of our Florida team. Despite being relatively new players in the Florida market, I feel we have the most talented team of PhDs and horticulturalists, and an incredible grow infrastructure to bring the highest quality products, rich in terpenes and cannabinoid content, to some of the best retail locations in the state starting in Q1 2022.”
Demand on the Rise in Florida
Industry data providers continue to indicate a significant increase in Florida patient demand. The Florida Department of Health Office of Medical Marijuana Use (OMMU) released its 2021 market update, which indicated that 89% of Floridians surveyed, believe that adults should be legally allowed to use medical marijuana.
Read the OMMU’s Full Report Here: 2021 Annual Update on the Statewide Cannabis and Medical Marijuana Education and Illicit Use Prevention Campaign
Red White & Bloom (CSE: RWB) Stock Chart
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