Multi-state cannabis operator Red White & Bloom (CSE: RWB) (OTC: RWBYF) 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