Red White & Bloom Brands Inc. provided an update on Platinum Vape (“Platinum” or “PV”) and comments on Arizona Prop 207. Platinum has continued to execute on its growth plan since closing of the acquisition by RWB in September of this year (see press release). PV has seen continued growth since closing with annualized run rate nearing US$90 million. In addition, management is pleased to report that PV remains on track for launch of their products in Arizona later this quarter.
Management is also pleased to see the successful ballot initiative to allow recreational cannabis consumption in Arizona (Arizona Prop 207) was passed.
Arizona Prop 207 adult-use cannabis initiative legalizes the sale, possession and consumption of one ounce of cannabis for adults at least 21 years old. The Arizona Department of Health Services oversees the testing, inspection and sale of cannabis products. Existing medical market operators in good standing can submit applications for adult-use sales as soon as Jan. 19, 2021, with department review required within 60 days of submittal. It is expected that the total Arizona cannabis market will reach $2-billion at maturity.
“We continue to see some fantastic momentum building both at RWB and in the cannabis industry overall in the United States. We just saw Arizona, New Jersey, South Dakota, and Montana vote to legalize cannabis for all adults and Mississippi voters decide to implement a medical-marijuana program. The opportunity for significant growth throughout the US has never been greater and we at RWB are excited to be part of what is quickly becoming the second wave aimed at finally ending prohibition in cannabis” stated Brad Rogers, CEO of RWB.
The Company is positioning itself to be one of the top three multi-state cannabis operators active in the U.S. legal cannabis and hemp sector. RWB is predominantly focusing its investments on the major US markets, including Michigan, Illinois, Massachusetts, Arizona and California with respect to cannabis, and the US and internationally for hemp-based CBD products.