Red White & Bloom’s Platinum Vape To Expand Into Promising New Cannabis Market

Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) announced today that Platinum Vape has struck a deal with a third-party licensed multi-state operator (MSO) that will see PV launch its products in Arizona later this quarter. Arizona is currently a medical cannabis state but is on the verge of becoming an adult-use market if Arizona Proposition 207 is approved at the November 3, 2020 election.

Platinum Vape has reportedly signed a services agreement and a sublease with a leading Arizona MSO. Per the terms of the agreements, PV has subleased a 6,000 sq ft licensed facility and anticipates its branded products will be available in Arizona this quarter.

“Platinum continues to execute on their expansion plans into a market that I expect to be in the top 5 in the US. The Platinum brand is quickly becoming recognized as the market leader in quality, safety, and user experience. Rogers further added, “Arizona isn’t only getting a great brand and incredible product, they’re getting George, Cody and the entire team at PV’s solidarity and selfless commitment to making the best possible cannabis products,” commented RWB Chairman & CEO Brad Rogers.

Platinum Vape is a leading cannabis purveyor with a full line of premium products that are sold at over 750 retailers throughout MichiganCalifornia, and Oklahoma. The PV brand has an impressive 84% approval rating on the popular website WeedMaps. Through financial discipline and strong management, Platinum boasts current annualized revenues of more than USD $75 million with EBITDA of approximately 25% – 30%.

Source: Shutterstock

According to New Frontier Data, Arizona has a population of approximately 7.4 million people, with roughly 1.2 million cannabis consumers, including the legal market and black-market. Arizona’s medical marijuana market generated revenue of $768 million in 2019. If the state’s Prop 207 is approved at the November election, Arizona’s legal adult-use cannabis market is expected to generate first-year sales of $341 million and, by 2025, grow to over $1 billion in annual revenue.

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Red White & Bloom is a paid client of The Cannabis Investor. The Cannabis Investor holds a position in RWB.

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