Multi-state hashish operator Crimson White & Bloom introduced on Thursday that it had acquired the Florida operations of fellow business powerhouse Acreage Holdings in a deal value $60 million in money, inventory, and different money issues. The transaction continues Crimson White & Bloom’s bid to grow to be one of many high three hashish multi-state operators within the nation.
Below the deal, Crimson White & Bloom (RWB) will purchase licensed medical marijuana producer and retailer Acreage Florida, an entity owned by a subsidiary of Acreage Holdings. The acquisition contains 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 bought below the Excessive Instances Model identify in accordance with a beforehand introduced licensing settlement.
“Our core technique has at all times been to concentrate on 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. “Immediately we now have our path to entry into the third-largest market by income within the US and are excited with what we will do with the manufacturers we now have amassed in addition to the ability to execute on our imaginative and prescient.”
Earlier this month, RWB introduced that it had organized the financing to safe belongings in Illinois below 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 yr, Illinois has shortly developed into one of the sturdy income markets in the US,” Rogers stated in a press release on the time. “With the financing now secured, we’re thrilled to be one step nearer to bringing Crimson White & Bloom’s nationally-recognized manufacturers to this market. The renewed optimism across the state allowing a further 75 retail areas additional highlights the large alternative Illinois affords.”
RWB Lineup Contains Excessive Instances Branded Merchandise
Late final yr, RWB introduced that it was launching a brand new line of merchandise in Michigan to be bought below the Excessive Instances model identify. The lineup of premium cannabis flower, vapes, gummies, and pre-rolls continues RWB’s drive to assemble the very best portfolio of manufacturers for Michigan shoppers.
“There isn’t a hashish model on the planet like Excessive Instances,” Rogers said in December. “As probably the most well-known model locally, Excessive Instances helped mild the way in which earlier than many people had even thought concerning the area. We’re on the cusp of a brand new starting for each our manufacturers. One that can outline RWB and Excessive Instances because the best-in-class for generations to return. We’re very excited to carry this essential aim to fruition and have plans for a lot of different immediately recognizable Excessive Instances initiatives. With the rights to Excessive Instances and Platinum Vape, RWB has probably the most recognizable hashish manufacturers out there as we speak.”