Multi-state hashish operator Purple White & Bloom (CSE: RWB) (OTC: RWBYF) introduced on Thursday that it had acquired the Florida operations of fellow trade powerhouse Acreage Holdings in a deal price $60 million in money, inventory, and different money concerns. The transaction continues Purple White & Bloom’s bid to turn out to be one of many high three hashish multi-state operators within the nation.
Beneath the deal, Purple White & Bloom (RWB) will purchase licensed medical marijuana producer and retailer Acreage Florida, an entity owned by a subsidiary of Acreage Holdings. The acquisition consists of eight leased retailer areas 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 offered beneath the Excessive Occasions Model identify in accordance with a beforehand introduced licensing settlement.
“Our core technique has at all times been to give attention to a restricted variety of markets inside which to function at scale, and Florida has at all times been a type of focused markets,” stated RWB CEO Brad Rogers. “In the present day we’ve got 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’ve got amassed in addition to the talent to execute on our imaginative and prescient.”
Earlier this month, RWB introduced that it had organized the financing to safe property in Illinois beneath a beforehand introduced deal, together with a “tremendous license” to function a cultivation facility of as much as 220,000 sq. toes.
“Surpassing US $1 Billion of adult-use gross sales in solely its first 12 months, Illinois has shortly developed into one of the sturdy income markets in america,” Rogers stated in a press release on the time. “With the financing now secured, we’re thrilled to be one step nearer to bringing Purple White & Bloom’s nationally-recognized manufacturers to this market. The renewed optimism across the state allowing an extra 75 retail areas additional highlights the large alternative Illinois gives.”
RWB Lineup Contains Excessive Occasions Branded Merchandise
Late final 12 months, RWB introduced that it was launching a brand new line of merchandise in Michigan to be offered beneath the Excessive Occasions model identify. The lineup of premium cannabis flower, vapes, gummies, and pre-rolls continues RWB’s drive to assemble one of the best portfolio of manufacturers for Michigan shoppers.
“There isn’t a hashish model on this planet like Excessive Occasions,” Rogers said in December. “As probably the most well-known model in the neighborhood, Excessive Occasions 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 Occasions because the best-in-class for generations to return. We’re very excited to carry this necessary objective to fruition and have plans for a lot of different immediately recognizable Excessive Occasions initiatives. With the rights to Excessive Occasions and Platinum Vape, RWB has probably the most recognizable hashish manufacturers out there at present.”