Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) is pleased to announce the second release of the High Times® exclusive line of cannabis products to the Michigan market are shipping now and will be available for purchase tomorrow, January 28th 2021 through licensed operators in the state.
After quickly selling out within hours of the initial launch, and significant demand from both consumers and Provisioning Centers (dispensaries), this next limited release will be carried by twice as many handpicked dispensaries and in three new unique strains; Mind Blown, Night Moves & Ratso’s Delight.
“I couldn’t be more excited about our latest High Times® launch. The fact these products are in such insatiable demand is a testament to the brand and the quality of the products being released to the Michigan market,” stated RWB Chairman & CEO Brad Rogers. “There is much more coming over the course of the next few weeks and this is a very exciting time for all who recognize and respect the fight and fortitude of High Times® as the only brand and the true “OG” of the cannabis industry.”
“We have a storied history in Michigan through our hosting of over 13 Cannabis Cup events that have been attended by nearly 300,000 thousand people from across the region,” stated Hightimes Holding Corp.’s Chief Executive Officer Peter Horvath, adding “we expect this next release to see even greater demand and have expanded access to additional locations to help provide additional geographic coverage in the state for our many loyal followers.”
Once fully launched, the collection of products will feature over 30 High Times® SKUs. In addition to the 6 strains of packaged flower already released, the line will bring prerolls, vapes and edibles in a number of varieties. The full line of products will be in market Q1 2021. The Company has exclusive licencing rights to brand dispensaries as well as manufacture and sell cannabis products for the most well-known brand in the industry throughout Michigan.
According to an article in New Cannabis Ventures, cannabis sales increased sharply in Michigan during December, according to the Michigan Marijuana Regulatory Agency with combined AU and Med sales of $101 million for the month. For the full year, combined cannabis sales were $984.6 million, with medical accounting for $474 million and adult-use generating $510.7 million.
In addition to its rights in Michigan, the Company holds the exclusive licencing rights to brand dispensaries as well as manufacture and sell cannabis products in Illinois and Florida, subject to regulatory approval, and rights to use additional Hightimes Holding Corp’s licenses throughout the world for CBD and other non-THC cannabinoids-based products, though not branded as High Times®.
The Company also reports, that it has issued 354,645 restricted shares units of the Company (“RSUs”) under the Company’s shareholder approved restricted share unit plan (the “RSU Plan”) to two consultants as an incentive for the consultants to drive the growth of the Company. The RSUs will vest upon successful completion of pre-determined milestones (as determined by the board of directors and agreed upon by each consultant) being met and shall entitle the holder to acquire one common share of the Company, underlying each such RSU by delivering a notice of acquisition to the Company in accordance with the RSU Plan. In accordance with the RSU Plan, the RSUs were priced at $1.17 based on the closing price of the common shares on the Canadian Securities Exchange on January 26, 2021.
