Multi-state cannabis operator Red White & Bloom announced on Thursday that it had acquired the Florida operations of fellow industry powerhouse Acreage Holdings in a deal worth $60 million in cash, stock, and other cash considerations. The transaction continues Red White & Bloom’s bid to become one of the top three cannabis multi-state operators in the country.
Under the deal, Red White & Bloom (RWB) will acquire licensed medical marijuana manufacturer and retailer Acreage Florida, an entity owned by a subsidiary of Acreage Holdings. The acquisition includes eight leased store locations and ownership of a 113,000 square foot facility for cultivation and processing situated on 15 acres of land in Sanderson, Florida.
In a statement from the company, RWB noted that it planned to immediately introduce its award-winning Platinum Vape products to the Florida market, as well as a line of offerings sold under the High Times Brand name in accordance with a previously announced licensing agreement.
“Our core strategy has always been to focus on a limited number of markets within which to operate at scale, and Florida has always been one of those targeted markets,” said RWB CEO Brad Rogers. “Today we have our path to entry into the third-largest market by revenue in the US and are excited with what we can do with the brands we have amassed as well as the skill to execute on our vision.”
Earlier this month, RWB announced that it had arranged the financing to secure assets in Illinois under a previously announced deal, including a “super license” to operate a cultivation facility of up to 220,000 square feet.
“Surpassing US $1 Billion of adult-use sales in only its first year, Illinois has quickly developed into one of the most robust revenue markets in the United States,” Rogers said in a press release at the time. “With the financing now secured, we are thrilled to be one step closer to bringing Red White & Bloom’s nationally-recognized brands to this market. The renewed optimism around the state permitting an additional 75 retail locations further highlights the enormous opportunity Illinois offers.”
RWB Lineup Includes High Times Branded Products
Late last year, RWB announced that it was launching a new line of products in Michigan to be sold under the High Times brand name. The lineup of premium cannabis flower, vapes, gummies, and pre-rolls continues RWB’s drive to assemble the best portfolio of brands for Michigan consumers.
“There is no cannabis brand in the world like High Times,” Rogers said in December. “As the most well-known brand in the community, High Times helped light the way before many of us had even thought about the space. We are on the cusp of a new beginning for both our brands. One that will define RWB and High Times as the best-in-class for generations to come. We are very excited to bring this important goal to fruition and have plans for many other instantly recognizable High Times initiatives. With the rights to High Times and Platinum Vape, RWB has the most recognizable cannabis brands in the market today.”