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3rd Quarter 2021 Financial Results


Isail4fun
(@rtimothyobrienhotmail-com)
Estimable Member
Joined: 10 months ago
Posts: 128
Topic starter  

Red White & Bloom Provides Q3 2021 Financial Results: Revenue Increased $6 Million Over Q3 2020

  • Q3 year to date revenue increased 386% year over year to $36.9 million for the nine months ended September 30, 2021
  • EBITDA of $5.9 million is an increase of $11.7 million over Q3 2020,
  • Adjusted sales1 of $99.2 million for the nine months ended September 30, 2021
  • Michigan Marijuana Regulatory Agency issued pre-qualification for RWB cannabis licensure
  • Florida expansion strategy included 45,000 sq ft cultivation center purchased in Q3

TORONTO, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTCQX: RWBYF) (“RWB” or the “Company”), a multi-state cannabis operator and house of premium brands, announces 2021 third quarter financial results highlighted by a 93% increase in third quarter year over year revenue. All figures are reported in Canadian dollars (CAD) unless otherwise noted.

“In the third quarter, we made excellent progress in laying additional building blocks in our core operating states of Florida, Michigan, and California to become more vertically integrated where it will be most profitable," stated Brad Rogers, RWB Chairman & CEO. “This will help drive increased revenue and margins for the Company. Simultaneously, we are gaining significant market share with our premium Platinum Vape™ (PV) and exclusively licensed High Times® branded products in select markets as evidenced by ArcView/Greentank's 2021 Q3 Industry Vape Report, which named Platinum Vape as the #1 brand vape cartridge in Michigan.”

Q3 2021 Financial Result

Revenue for Q3 2021 was $11.8 million compared to $6.1 million in Q3 2020, an increase of 93%.  

EBITDA was $5.9 million for Q3 compared to an EBITDA loss of $5.8 million in Q3 2020, a gain of $11.9 million.

Net loss for Q3, 2021 was $5.5 million compared to $9.5 million in Q3, 2020. The change in net loss was primarily a result of revaluation of the Company’s Call/Put options, as well as rightsizing compensation and achieving economies of scale.

Nine Months Ended Sept 30, 2021 Results

Revenue for the nine months ended September 30, 2021 was $36.9 million, an increase of 386% over revenue of $7.6 million in the comparable nine months ended September 30, 2020.

Gross profit excluding fair value items for the nine months ended September 30, 2021 was $21.5 million, an increase of 295% over gross profit of $5.5 million in the comparable nine months ended September 30, 2020.

Net loss for the nine months ended September 30, 2021 was $73.8 million compared to net loss of $29.8 million for the nine months ended September 30, 2020. The increase in net loss is primarily attributable to ramping up operations in our core markets in expectation of fortifying our brand strategy, which includes expanding and deepening our High Times retail and product presence and completing the pending investee transaction.

Adjusted Sales1

RWB currently utilizes a state-licensed 3rd party cannabis manufacturer in Michigan for Platinum Vape sales. As part of the legacy product licensing agreement, the revenue RWB can recognize is product sales less inventory purchases and direct expenses. As a result, RWB’s reported revenue in Michigan is substantially understated by inventory purchases made and direct expenses incurred during the period.

Adjusted Sales1 - Combined        
  Q1 Q2 Q3 Total
IFRS Revenue - All Combined $ 11,823,405 13,327,814 11,789,982 36,941,201
Difference between Adjusted Sales1 & IFRS Revenue – Mich $ 20,648,800 21,219,839  20,400,316 62,268,955
Adjusted Sales1 $ 32,472,205 34,547,653 32,190,298 99,210,156

Summary of EBITDA

  For the three months ended For the nine months ended
    September 30       September 30       September 30       September 30  
Summary of EBITDA   2021               2020               2021                 2020            
Net Loss $(5,472,693 )   $(9,471,390 )   $(73,890,205 )   $(29,757,930 )
Current income tax expense            2,772,356                     608,598                    4,284,145                     608,598  
Finance expense            1,995,465                  1,150,545                  15,086,006                  2,848,639  
Depreciation and amortization            6,632,505                  1,911,238                  19,329,865                  3,233,484  
EBITDA            5,927,633                 (5,801,009 )               (35,190,189 )             (23,067,209 )

Currently the majority of revenue is derived from sales of cannabis finished products through third party wholesaling to retailers. RWB will be vertically integrated upon the closing of the pending acquisition of the Michigan investee. RWB anticipates this will leverage cost sharing and other economies of scale to further improve margin.

Chris Ecken, RWB CFO, stated, “RWB is being very strategic in pursuing vertical integration only when there is value to be added. We aim to be asset light and brand rich. Our strategy is to support the brands in the most profitable way. We have been putting the teams in place to support this strategy in each state where we operate. As RWB integrates vertically in multiple states, we anticipate that our margins will dramatically increase, enabling us to move toward profitability.”

Michigan Acquisition Update

Red White & Bloom’s RWB Michigan LLC subsidiary finalized the revised structure for the closing on its purchase of its Michigan Investee and received Adult Use (recreational use) prequalification status pursuant to the licensing provisions of the Michigan Regulation and Taxation of Marihuana Act (MRTMA). RWB has continued to work closely with Michigan’s Marijuana Regulatory Agency (“MRA”) and is making progress on the closing of the acquisition of the Michigan facilities, which include active and planned dispensaries; cultivation facilities; and significant company-owned real estate holdings. These Michigan facilities generated $93 million in revenue in 2020. At this time, no investee revenue or expenses (other than expenses related to transaction costs) are included in the RWB financial results. RWB acknowledges that the transaction is taking longer than anticipated but has used this time to prepare from an operational, HR and planning perspective.

During Q3 2021, RWB closed on the acquisition of the Apopka, Florida cultivation facility and readied 30 grow pods for transition onto the site, with the anticipation of being fully planted by Dec. 1, 2021 . RWB projects first full year revenue of $50.8 million from the 30 pods and greenhouse in Apopka. The average Florida cannabis operators are currently reporting gross margins of approximately 60%.

“We are extremely proud of our employees and their excellent track record of achievements, particularly in Florida, where they have met all deadlines on time and within budget related to the preparation and now the start of operations for our new processing facility in Sanderson and our cultivation facilities in Apopka,” Rogers said. “We will update shareholders on our progress shortly and are eager to share how our work in Florida and other areas is coming to fruition in Q1 2022 quarterly results.”

Balance Sheet

RWB is seeking to take advantage of the currently lower interest rates available to cannabis entities. The Company is in advanced discussions with a number of funds to restructure the current debt of $115 million due in 2022 into a more advantageous long-term debt solution.

Additional highlights of Q3, 2021

  • Florida
    • Closed acquisition of 45,000 sf greenhouse on 4.7 acres in Orange County Florida
    • RWB Florida began producing edibles at the Sanderson facility
    • R&D resulted in new formulations for live rosin that are now in approval process by state regulators. New product formulations will contribute to additional product available in RWB’s dispensary and additional dispensaries scheduled to open in the first quarter of 2022.
  • Michigan
    • RWB took over operational control of Platinum Vape, leveraging efficiencies of scale across multiple states
    • RWB received Adult Use (recreational license) – the final major regulatory hurdle to completion of the long-awaited (Michigan investee)retail, cultivation and real estate assets that generated $93 million in revenue in 2020.
    • Completed build out of a separately acquired processing facility for the production of vapes, chocolates and gummies. Received local zoning approval and are awaiting step-2 licensing by MRA. Once complete, RWB will be able to recognize all topline revenue for all RWB controlled brands from this facility.
  • Illinois
    • The previously announced acquisition of a fully licensed cannabis company via a binding LOI from a non-profit has created an additional layer of complexity for the seller. RWB is working with regulators to move forward.
  • California
    • RWB has transitioned the management oversight of Platinum Vape brand to its own team. With the improved operational structure and procedures, RWB is achieving greater operational efficiencies in areas including packaging, purchasing, procurement and distribution.
    • RWB is on track to expand distribution of the brand in 2022, anticipating doubling its footprint in California and expanding beyond vapes.
  • Former US Congressman Ryan Costello joined the RWB Board of Directors
  • Adopted a rolling stock option plan to attract top quality management and granted restricted shares to employees to attract and retain talent in an extremely tight job market.

Expanding Work Force

“Our talented employees are our most important asset and are critical to achieving our goals,” Rogers stated. “Companies across North America are struggling to retain skilled employees at all levels. We have brought together top talent from other commodity markets and similar industries to strengthen our management team, highlighted by the recent addition of Chris Ecken, RWB CFO from spirits industry leader Brown Forman. With a number of additions in the organization over the last year, we now have key members of our management team in place to support our strategy.”

RWB has also expanded its Integrated Services Group, which includes human resources (HR), IT, compliance, risk management and finance and accounting. This will facilitate incorporating RWB values and core beliefs for all operations.

The HR team has been instrumental in recruiting and retaining a diverse workforce, multi-lingual communications, and aligning roles and responsibilities. RWB has increased salaries to be more competitive in the market and recognize employees’ service, work ethic and experience. As a result, RWB has recalibrated wages for equal pay for equal work in California and Florida and plans to continue this practice as the Company grows.

RWB has instituted stock options for management and granted restricted shares to employees as a means to offer a stake in the future success of RWB that The Company anticipates will result from their expertise and continued dedication.

“As we work to close the Michigan investee transaction and expand in California and Florida, we will be bringing on a number of new employees in each market, as well as further expanding the breadth and depth of our management team,” Rogers noted. “Our investment in a talented work force will be a key factor in helping us continue our upward trajectory of growth and increased revenue, while propelling our house of premium brands toward profitability.”

Earnings Conference Call
RWB will host a conference call followed by a Q& A with management on Tuesday, November 30th, 2021 at 5:00 PM ET. The webcast link to listen online and ask questions is:  https://78449.themediaframe.com/dataconf/productusers/rwblm/mediaframe/47398/indexl.html . Questions during the Q&A will only be accepted via this online link.
The dial-in numbers for the conference call, for listening only, are 877-705-6006 and 201-689-8557.
A replay of the call will be available for 90 days starting three hours after the conclusion of the call by dialing 877-660-6853 or 201-612-7415 then entering access ID:13725118
A recording of the call will be available on RWB’s Investor Relations website at  https://ir.redwhitebloom.com/  approximately three hours following the conference call.

Reference
1 Adjusted sales is a non-IFRS measure. Adjusted sales definition: Platinum Vape’s actual wholesale sales currently done through a third party in Michigan under license. Upon successful completion of step 2 licensing in MI, RWB will migrate Michigan operations to RWB-owned and licensed facilities.

About Red White & Bloom Brands Inc.

The Company is positioning itself to be one of the top three multi-state cannabis operators active in the U.S. legal cannabis and hemp sector. RWB is predominantly focusing its investments on the major US markets, including Florida, Michigan, Illinois, Massachusetts, Arizona and California with respect to cannabis, and the US and internationally for hemp-based CBD products.

Visit us on the web: www.RedWhiteBloom.com

Follow us on social media:
Twitter: @rwbbrands
Facebook: @redwhitebloombrands
Instagram: @redwhitebloombrands

For more information about Red White & Bloom Brands Inc., please contact:

Brad Rogers, CEO and Chairman
604-687-2038

Tyler Troup, Managing Director
Circadian Group IR
IR@RedWhiteBloom.com

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

FORWARD LOOKING INFORMATION

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. There is no assurance that these transactions will yield results in line with management expectations. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the implementation of the Company’s business plan and matters relating thereto, risks associated with the cannabis industry, competition, regulatory change, the need for additional financing, reliance on key personnel, market size, and the volatility of the Company’s common share price and volume. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others, risks related to the Company’s proposed business, such as failure of the business strategy and government regulation; risks related to the Company’s operations, such as additional financing requirements and access to capital, reliance on key and qualified personnel, insurance, competition, intellectual property and reliable supply chains; risks related to the Company and its business generally; risks related to regulatory approvals. The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. While the Company may elect to, it does not undertake to update this information at any particular time.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE.  READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.


Primary Logo

Source: Red White & Bloom Brands Inc.


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Isail4fun
(@rtimothyobrienhotmail-com)
Estimable Member
Joined: 10 months ago
Posts: 128
Topic starter  

As a long-term shareholder, I am very disappointed in this report!  Management missed the mark again in Michigan's reporting! They state, " RWB acknowledges that the transaction is taking longer than anticipated but has used this time to prepare from an operational, HR and planning perspective."  Meanwhile, I am asked to wait another quarter for the Michigan operation to be the catalyst to profitability.  

RW&B states, "The Company is positioning itself to be one of the top three multi-state cannabis operators active in the U.S. legal cannabis and hemp sector."  At the rate they are going it is going to take a LONG time.


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D. H. Taylor
(@dhtaylor)
Member Admin
Joined: 2 years ago
Posts: 689
 

@rtimothyobrienhotmail-com One thing to consider is that there is a “First-To-Market” Advantage that with these guys taking longer and longer, they lose out on that advantage.  I believe the Michigan is going to become a key battleground.  I think there was a lot of hype associated with this company initially.  Now, they need to produce the results we are all awaiting.  


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Tracy Schaff
(@tracy)
Eminent Member
Joined: 1 year ago
Posts: 22
 

@rtimothyobrienhotmail-com.  I am really glad you posted this and would really like to have a serious conversation around what is going on with this company.  Other chat boards, such as Yahoo, tend to be ridiculous and you never know what to believe.  I agree with your sentiment that this is very disappointing.  They appear to be on the cusp of some great things, but closing on various deals continuously get pushed out.  Here are some my observations based on recent earnings report and call that was led by Brad:

3rd quarter earnings were around $11M.  This apparently only includes Platinum Vape (VP) in CA and wholesale VP in MI.  Nothing else in MI for now

They indicated that upon completion of proper licensing in MI, that they would immediately be able to report triple the earnings.  They referenced $99M YTD in the earnings call, which on a yearly basis would be around $132M.  

They claim to be in a quiet period with the regulatory bodies of MI, which I am led to believe are close to approval on the proper licensing.  However, we have been hearing that for over a year.  

Upon approval, they would be able to also incorporate Pharmaco earnings, which according to the call, had $93M of revenue in 2020.  There is no indication of what their revenue is in 2021.

They also indicated that they are now growing product in FL and that they expect annual earnings of $50M starting in 2022.

If I am putting this altogether properly, upon properly licensing and closing of Pharmaco, their annual earnings will be at a minimum of $275k per year ($132k for licensing and no longer wholesaling in MI + $93k for revenue from Pharmaco+ $50k for FL).  This does not include any sales in High Times, no AZ (I believe they have started wholesale there), nor OK, nor any growth in CA, if any, nor any growth in Pharmaco (the $93k is from 2020) and assumes nothing from Midwest Growers in IL.  Am I interpreting this correctly?

If so, then next year, quarterly revenue should be increasing from around $11M to $70M on the low end, assuming they finalize close on some of these transactions.  

I feel like I am missing something.  I am by no means an expert on financial analysis, but enough to be dangerous.  I can read them several times and still pick something new up.  

I feel like I am going crazy sometimes trying to piece all of this together, so I certainly appreciate any insights that you (or anyone else) may have on this stock.  I am long on this stock and this is one of my top picks.  I was fully invested in this back in 2020 and before I learned of D.H.

 

Thanks!

 

 


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Isail4fun
(@rtimothyobrienhotmail-com)
Estimable Member
Joined: 10 months ago
Posts: 128
Topic starter  

Tracey: 

Thank you! 

Great job of summarizing past announcements about 2021 revenue. 

I thought I might be living in a parallel world.  A world where no one else listened to interviews with RW&B CEO.  He spoke about how well the Company was doing with executing their growth plans and the revenue that the growth would generate.  What happened?  It was not reflected in their financials.

I am now setting my sights for the 4th Quarter Financial Results.  It should be a Block Buster! 

FYI   Still believe in the Company and have no plans to sell my stock.


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Tracy Schaff
(@tracy)
Eminent Member
Joined: 1 year ago
Posts: 22
 

@rtimothyobrienhotmail-com Unfortunately, I have no hope for the 4th quarter earnings.  Today is December 2, which means we are roughly 70% of the way through the current quarter.  In the best case scenario, RWB announces they close on the proper licensing and Pharmaco TODAY.  Should that happen, they would only be able to report the higher earnings for the last 29 days this month.  If nothing happens this month, then I am not seeing any reason for the revenue to change much for Q4.

My hope would be that they can close something by the end of the month (year), which means we see some pop in revenue for Q1 2022 and that earnings report would be late May/early June.  

Quite frankly, my expectations are now being pushed back to late 2022 before we see any kind of meaningful progress with the financials.

Do you have any thoughts on RWB that I haven't covered?


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b17jayhawker
(@b17jayhawker)
Trusted Member
Joined: 8 months ago
Posts: 63
 

Hey Fellow Cannabis Investors, 

 

Few questions, what is the general consensus for this being a top pick? Wholesale throughout the country? High time branding? Just curious of a few top points. 

If you are looking at it from a state by state prospective, MI is a strong market with good cannabis and prices, and better legal environment( License, Permit, and Taxes)  to operate in as oppose to the nearby state of IL. Personally, I'm a commercial real estate broker in the Midwest, and I can say without a doubt working with municipalities(rezoning, permits, use approvals, etc.) its brutal right now, so I can imagine it's got to be that much tougher from marijuana acquisition standpoint. 

@tracy and @isail I appreciate your insight into the companies financials....they look prime for take off.  

 

I copied the earnings call transcript below:

 

https://seekingalpha.com/article/4472676-red-white-and-bloom-brands-inc-rwbyf-ceo-brad-rogers-on-q3-2021-results-earnings-call

 


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Tracy Schaff
(@tracy)
Eminent Member
Joined: 1 year ago
Posts: 22
 

A great article this morning on Seeking Alpha for those longs looking for validation:

https://seekingalpha.com/article/4473177-red-white-and-bloom-rwbyf-stock-priced-for-doom

Red White & Bloom: Priced For Doom

Summary

  • RWB reported Q3'21 results that still don't officially include most of the business lined up for 2022.
  • The company is still working on finalizing the key regulatory approval for controlling the investee in Michigan while Florida cultivation is now ramping up.
  • The Platinum Vape business has an encouraging C$130+ million run rate.
  • The stock is cheap trading below a $200 million valuation with the potential for '22 sales to leapfrog the stock valuation.
  • This idea was discussed in more depth with members of my private investing community, Out Fox The Street. Learn More »

 

The cannabis space has suddenly become a gloomy place to invest. Red White & Bloom Brands (OTCQX:RWBYF) is now priced for doom due to the confusing quarterly numbers until the MSO (multi-state operator) can officially own the Michigan investee. My investment thesis remains ultra Bullish on the cannabis stock, as the business continues to build.

 

Meaningless Quarterly Results

For Q3'21, RWB reported quarterly results of only C$11.6 million. The MSO hasn't closed the investee deal in Michigan due to regulatory delays preventing the company from reporting both the Platinum Vape and High Times branded sales and the investee dispensary sales.

The reported sales are the PV sales in California, Oklahoma, but the MSO can't report the full Michigan sales. RWB uses a third-party licensee in Michigan limiting revenues to product sales minus inventory purchases and direct expenses.

The adjusted sales are the actual product sales figures for PV. For Q3'21, the company had sales of C$32.2 million, down slightly from C$34.5 million in the prior quarter. The PV business is on an annual run rate of C$130 million.

Source: RWB Q3'21 earnings release

In addition, RWB has acquired the Acreage Holdings (OTCQX:ACRHF) assets in Florida and is now fully ready with cultivation assets and dispensary store openings. The MSO projects the current cultivation assets will produce enough cannabis for 2022 sales in Florida alone of C$50.8 million. The company will quickly open up to 8 dispensaries in the state in various stages of opening when RWB bought the Acreage assets.

RWB has the plans for THC and CBD cultivation in Illinois along with assets in Massachusetts. The ultimate plan is for 26 dispensaries opened from projects in the works in both Florida and Michigan and the wholesale distribution to double from 450 dispensaries focused on California, Oklahoma and Michigan to 900 dispensaries next year.

 

Source: RWB October, 2021 presentation

Big Plans

The MSO has a planned business in 2022 that far differs from the current reported revenues. The market has lost confidence in this business plan with the gloom in the cannabis sector and the inability so far to close the Michigan deal due to slow regulatory steps.

Investors should view the 2022 business opportunity as follows:

  • PV - C$130 million
  • MI - C$93 million
  • FL - C$51 million
  • Total - C$274 million

These revenue totals are based on what the company has provided the public markets. The estimates don't include 8 additional dispensaries in Michigan or any expansion of that business in 2022, the IL cultivation business (waiting regulatory approval) and the doubling of wholesale distribution into 900 dispensaries.

In reality, the wholesale business is the current largest segment and the potential doubling of this business would be huge. Investors can't exactly assume revenues double from the current levels just due to doubling distribution points, but the base revenue forecasts would seem to suggest 2022 revenue targets would top C$300 million and possibly reach C$400 million.

Back at the end of 2020, RWB provided very similar financial targets for 2021 before the company had even closed the Florida deal. Either way, the MSO appears set to reach that path in 2022 as they finally open the additional dispensaries in Florida and Michigan and can start officially operating the existing Michigan stores.

The stock will have ~464 million shares outstanding for a meager market cap of just shy of $200 million. The company has C$41 million in cash and the potential for another C$44 million from option and warrant exercises, though the current stock price will limit those cash totals and cut ~40 million shares out of the diluted share count until the stock is closer to $1.

The company is growing the business and the biggest question exists around the profitability of the business once all consolidated. With the limited cash balance for what will amount to rather large operations, the biggest risk is dilutive equity financing while the stock is beaten down.

Takeaway

The key investor takeaway is that RWB is a cheap stock trading with a market cap below $200 million with 2022 revenue targets easily topping $250 million. The MSO still needs to close the last piece of the deal in Michigan and prove the company can successfully grow cannabis in Florida and operate those new dispensaries.

 

As with any cannabis stock, RWB isn't without risk. Right now though, the potential reward offsets the risk while investors should definitely look to diversify investments in the sector.


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