- The Newly Awarded Cannabis Licenses Will Allow Red White & Bloom Investee PharmaCo to Expand its Cultivation Capacity in Michigan
- Additionally, PharmaCo Has Commenced its First Indoor Harvest in Detroit Marking an Important Milestone for the Company
- The Harvest Will Provide the Michigan Market with a Much Needed Supply of Ultra-Premium, Lab-Approved Cannabis Amid the Current Statewide Product Shortage
Red White & Bloom (CSE: RWB) (OTCQX: TDRYD) announced on Wednesday that its investee PharmaCo was awarded nine new municipal marijuana cultivation licenses in June. RWB also reported that PharmaCo began its first harvest at the company’s indoor cultivation facility in Detroit. With the new licenses secured, PharmaCo is in a great position to continue executing on its plan to expand its cultivation capacity in Michigan.
The nine cannabis licenses awarded to PharmaCo included:
- 5 Municipal Class C grow licenses in Spaulding Township.
- 4 Municipal Class C grow licenses in Au Gres Township.
- Collectively this represents the right to grow 13,500 plants, subject to final State approvals.
In Detroit, planting commenced earlier this year at the company’s new 22,000 square foot indoor facility, with the first harvest taking place now, on time and on budget. PharmaCo continues to ramp-up production using perpetual harvest methodologies, which at full capacity can produce over 4,500 lbs of the most sought after top-shelf cannabis strains in the State of Michigan.
Source: RWB Investor Presentation | View Here
“Our investee has made some great progress building the dispensary footprint they have over the past 12 months, and their team has made fantastic progress in growing their patient and recreational customers in the face of very challenging times. Their ability to execute and deliver on time and budget this additional cultivation capacity in the midst of the COVID-19 outbreak is truly remarkable. Completing the first harvest in the new Detroit facility is a pivotal moment for them, and we are very proud of what they are accomplishing in Michigan.” commented Brad Rogers, Chairman & CEO of Red White & Bloom.
“We are very excited for the opportunity to continue moving forward and make a positive impact on the communities we serve as an essential service in the State of Michigan. We are committed to the communities of Au Gres and Spaulding Township in the greater Saginaw area, with the same commitment to excellence that PharmaCo meets with every one of its current grow facilities with a dedicated grow philosophy to ensure the highest state compliance,” added a PharmaCo spokesperson.
Source: Barchart | View RWB Interactive Chart
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