- Red White & Bloom Brands Inc., founded in 1980 and headquartered in Concord, Ontario, Canada, is a vertically integrated multi-state cannabis operator delivering branded products across major U.S. markets and Canada. READ MORE: Datanyze
- While established decades ago, RWB pivoted into the cannabis space more recently—building manufacturing, distribution, retail, and licensing operations primarily in Michigan, California, Florida, Missouri, and Ohio. READ MORE: Red White & Bloom Inc., MarketScreener
- RWB’s leadership is focused on becoming a top-three multi-state operator in the U.S. legal cannabis sector.
Financial Performance
Fiscal 2023 Highlights
- RWB reported annual revenues of CAD 88.3 million (approx. USD 65 million), up from CAD 87.7 million in 2022. READ MORE: Red White & Bloom Inc.
- Gross profit (after fair‑value adjustments) rose to CAD 29.5 million, a 30% increase over 2022, while Adjusted EBITDA came in at CAD 5.5 million—a significant turnaround into positive territory.
2024 Trends
- In Q2 2024, RWB booked USD 22.0 million in revenue, slightly up from Q2 2023’s USD 21.7 million. EBITDA for Q2 2024 was USD 2.0 million, improving dramatically from prior-year negative levels.
- Year-to-date through Q3 2024, revenues totaled around USD 66–80 million depending on conversion methods. EBITDA climbed to USD 7.5 million, with Adjusted EBITDA at USD 9.6 million—a twenty-fold improvement compared to 2023 YTD. READ MORE: GlobeNewswire
- Q4 2024 revenues alone reached USD 18.7 million, up from USD 15.9 million in Q4 2023. EBITDA swung massively positive (approximately USD 6.3 million) after accounting for large impairment reversals in the prior period.
Performance Metrics
- Although RWB has delivered robust revenue growth (CAGR ~40%), its earnings trajectory has been volatile—annual earnings declined at ~44% on average, even as the company moved to profitability in recent quarters. MORE TO FOLLOW: Simply Wall St
Market Comparison
- Globally, cannabis giants such as Curaleaf (1.3 billion revenue), **Green Thumb Industries** (750 million), and Aphria (550 million) remain far larger than RWB, whose annual revenues (~65 million USD) place it far below the top-tier players in cannabis sales worldwide. READ MORE: Wikipedia
- Among Canadian operators, RWB is modest compared to Canopy Growth (CA297 million revenue in 2024) or **Tilray** (US789 million 2024 revenue). READ MORE: Wikipedia
Brands & Product Portfolio
RWB runs a house of brands largely through two segments:
- Platinum Vape (PV) – RWB’s flagship vape brand, especially dominant in Michigan, where it has held the #1 vape cartridge position in national vape reports. READ MORE: MarketScreener, New Cannabis Ventures
- Licensed brands – Including exclusive delivery of High Times branded products via licensing agreements in select states. READ MORE: Cloudfront
The company also markets select flower, pre-rolls, and edibles through its Platinum Vape and licensed portfolios across California, Michigan, Florida, and other markets.
Best‑selling Products
- Platinum Skybar disposables and gummies launched in Q3 2022 and swiftly became a top‑ranked disposable product in the BDSA database, carried in 300+ dispensaries across Michigan.
- Flower products under High Times and Platinum Vape labels appeal to consumers via consistent quality and packaging branding.
- In Michigan, RWB is also involved via third‑party manufacturing agreements, where licensees produce under RWB’s intellectual property. Revenues from those arrangements include licensing fees and product delivery sales READ MORE: SEC
Strategic Footprint
- RWB’s dominant presence remains in Michigan—following its establishment of licensing arrangements and flagship brand dominance in vape sales.
- Rapid expansion is underway in Florida, with five new medical cannabis dispensaries scheduled to launch in early 2025 .
- In Canada, RWB expanded distribution to include Prince Edward Island and New Brunswick by mid‑2024 .
- RWB’s licensing model allows branded products to be produced by licensed local operators, reducing capital risk while capturing royalty-style revenue .
Growth Prospects & Challenges
Strengths
- Strong brand presence in core markets (especially Michigan) through Platinum Vape and High Times branding.
- Positive EBITDA turnaround and growing gross profit margins indicate improved operational efficiency.
- Strategic licensing model enables expansion without heavy capital deployment.
Risks & Headwinds
- Despite growth, RWB earns far less than major multi-state operators and global leaders like Tilray or Canopy Growth.
- Past results show inconsistent net income and reliance on impairment reversals for profitability in 2024 .
- Expansion execution risk in new states such as Florida and licensing integrations requires disciplined management.
Summary Table
| Category | Details |
|---|---|
| Founded | 1980 (Ontario, Canada) |
| Core Markets | Michigan, California, Florida, Missouri, Ohio (USA), Canada |
| Fiscal 2023 Revenue | CAD 88.3 million (~USD 65 m) |
| 2024 Revenue YTD | USD 66–80 million |
| EBITDA (2024‑YTD) | USD 7.5 million |
| Top Brands | Platinum Vape, High Times branded products |
| Flagship Products | PV cartridges, Skybar disposables & gummies, flower under licensed brands |
| Comparative Size | Notable mid‑cap player; far smaller than Curaleaf, Green Thumb, Tilray |
| Growth Strategy | Licensing model, brand expansion, new dispensaries (Florida etc.) |
Final Thoughts
Red White & Bloom Brands is a mid‑sized cannabis operator with a strong niche in vape & cartridge branding. Their high‑volume Platinum Vape products in Michigan and High Times licensed lines give them visibility among consumers. While fiscal 2023–24 brought consistent revenue (~USD 65–80 million) and a long‑awaited move into positive EBITDA, RWB remains far smaller than global and U.S. cannabis giants like Curaleaf, Tilray, or Green Thumb .
Their licensing-first business model reduces capital risk, allowing RWB to expand quickly. With new dispensary launches (e.g. in Florida) and further Canadian expansion, the company aims to remain nimble and efficient. However, profitability volatility and competition from bigger operators present ongoing challenges.
Overall, Red White & Bloom Brands represents a lean, brand-focused cannabis operator with solid traction in core markets—and potential to grow further as U.S. legalization continues.