Red White & Bloom Brands Announces Successful Pre-Qualification in the State of Michigan
TORONTO, May 27, 2021 (GLOBE NEWSWIRE) — Red White & Bloom Brands Inc. (CSE: RWB and OTCQX: RWBYF) (“RWB” or the “Company”) multi-state operator in the United States, today announced that it has completed the more comprehensive portion of Michigan’s two-step application process for marijuana licensing through a wholly owned operating subsidiary, RWB Michigan, LLC. The Marijuana Regulatory Agency (“MRA”) pre-qualification represents the authorization of the company to move forward with its full operational strategy in the State and complete the licensing process for its intended facilities. As part of the first step, which is pre-qualification, all application materials, background checks, and payment of the application fees have been completed.
“Michigan has been one of the highest bars of entry to any market we’ve entered. The regulatory body has done it right and all stakeholders should feel comfort with the level of scrutiny and governance we have to be compliant with as operators. This now provides a path for us to fully execute on our strategy of being the house of brands and being great channel partners to all of our distribution points as well as our own planned flagship retail locations,” said RWB CEO and Chairman Brad Rogers. “Entering Michigan provides RWB access to a market with a population of approximately 10 million people, and one, where recent state monthly sales are over US $145 million. Given the number of documents and rigorous background check process, pre-qualification is the most significant regulatory hurdle in the Michigan marijuana licensing process.”
The second and final step in Michigan marijuana licensing includes a review of the proposed establishment’s operating and layout plans including but not limited to facility review, technology and inventory process, and marketing strategy as well as including physical inspection and payment of the license fee once approved.
Rogers concluded: “We are well on our way to meeting this second step upon completion and approval of our revised asset acquisition agreement of the 18 retail locations currently held by our investee as well as certain cultivation and processing facilities. Having started our journey through investments in Michigan, upon completion of the step two process, we can finally deliver to our shareholders the financial results commensurate with our patience and our judicious investments in the great state of Michigan. We look forward to bringing exceptional quality, price and experience through our house of brands and product lines that are second to none to loyal consumers in Michigan; as we work closely with regulators in Michigan to set new standards as the market continues to evolve.”
About Red White & Bloom Brands Inc.
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.
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Tyler Troup, Managing Director
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