Red White & Bloom (CSE: RWB) (OTCQX: RWBYF), a multistate cannabis operator and house of premium brands, today announced it has filed its 2021 audited financial statements, its 2022 first quarter financial statements and related 2021 and 2022 first quarter management’s discussion and analysis. With the update, the company highlighted certain full year 2021 and Q1 2022 financial results and select subsequent events. “After many significant sector challenges over 2020 and 2021, we are pleased to report that, by the close of Q1 2022, we were able to complete all of the acquisitions we had discussed over the previous two fiscal years, including Florida and Michigan, and we are now able to focus on our original strategy, which we feel is the most adaptable and will offer the best return for the company and stakeholders,” said Brad Rogers, CEO and chairman of Red White & Bloom. “With full operational control and a clear road map, Florida closed and certainty of our ability to complete the closing of the Michigan acquisition, we turned our attention to completing a multi-stage restructuring and ‘right-sizing’ of the business to leverage our strategy long term. This included exiting Illinois and the sale of our assets in that state, which enabled the company to pay off over $55 million of liabilities in Q2 of 2022 and reduce our operational and interest expenses by over $20 million per year. These reductions of liabilities and expenses will positively impact our results for fiscal 2022 commencing in late Q2 of this year.”
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About Red White & Bloom Brands Inc.
Red White & Bloom is a multistate cannabis operator and house of premium brands in the U.S. legal cannabis sector. RWB is predominantly focusing its investments on the major U.S. markets, including Arizona, California, Florida, Massachusetts, and Michigan. For more information about the company, visit www.RedWhiteBloom.com.
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