Multi-state hashish operator Crimson White & Bloom (CSE: RWB) (OTC: RWBYF) introduced on Thursday that it had acquired the Florida operations of fellow business powerhouse Acreage Holdings in a deal value $60 million in money, inventory, and different money issues. The transaction continues Crimson White & Bloom’s bid to turn into one of many prime three hashish multi-state operators within the nation.
Beneath the deal, Crimson White & Bloom (RWB) will purchase licensed medical marijuana producer and retailer Acreage Florida, an entity owned by a subsidiary of Acreage Holdings. The acquisition contains eight leased retailer places and possession of a 113,000 sq. foot facility for cultivation and processing located on 15 acres of land in Sanderson, Florida.
In a statement from the corporate, RWB famous that it deliberate to instantly introduce its award-winning Platinum Vape merchandise to the Florida market, in addition to a line of choices bought below the Excessive Instances Model title in accordance with a beforehand introduced licensing settlement.
“Our core technique has all the time been to deal with a restricted variety of markets inside which to function at scale, and Florida has all the time been a kind of focused markets,” mentioned RWB CEO Brad Rogers. “Right now we have now our path to entry into the third-largest market by income within the US and are excited with what we are able to do with the manufacturers we have now amassed in addition to the ability to execute on our imaginative and prescient.”
Earlier this month, RWB introduced that it had organized the financing to safe belongings in Illinois below a beforehand introduced deal, together with a “tremendous license” to function a cultivation facility of as much as 220,000 sq. ft.
“Surpassing US $1 Billion of adult-use gross sales in solely its first 12 months, Illinois has rapidly developed into one of the strong income markets in the US,” Rogers mentioned in a press release on the time. “With the financing now secured, we’re thrilled to be one step nearer to bringing Crimson White & Bloom’s nationally-recognized manufacturers to this market. The renewed optimism across the state allowing an extra 75 retail places additional highlights the big alternative Illinois presents.”
RWB Lineup Contains Excessive Instances Branded Merchandise
Late final 12 months, RWB introduced that it was launching a brand new line of merchandise in Michigan to be bought below the Excessive Instances model title. The lineup of premium cannabis flower, vapes, gummies, and pre-rolls continues RWB’s drive to assemble the perfect portfolio of manufacturers for Michigan customers.
“There isn’t a hashish model on the earth like Excessive Instances,” Rogers said in December. “As probably the most well-known model locally, Excessive Instances helped mild the way in which earlier than many people had even thought concerning the house. We’re on the cusp of a brand new starting for each our manufacturers. One that can outline RWB and Excessive Instances because the best-in-class for generations to return. We’re very excited to deliver this essential objective to fruition and have plans for a lot of different immediately recognizable Excessive Instances initiatives. With the rights to Excessive Instances and Platinum Vape, RWB has probably the most recognizable hashish manufacturers out there at the moment.”