Red White & Bloom to acquire 3.6-million-square-foot facility for hemp production
GRANVILLE — MichiCann Medical Inc., operating as Red White & Bloom, has signed a letter of intent to acquire Color Point greenhouse northeast of Granville for what will be the world’s largest indoor premium hemp facility.
In operation since 1978, the greenhouse, at 14240 Greenhouse Ave., has been granted its hemp grower license and hemp processor registration from the Illinois Department of Agriculture.
The site is expected to help provide hemp for the rapidly expanding cannabidiol (CBD) product market.
CBD is a phytocannabinoid discovered in 1940, and it is one of approximately 113 identified cannabinoids present in cannabis plants. It accounts for up to 40 percent of the plant’s extract.
In 2018, clinical research on cannabidiol included preliminary studies of its effects on anxiety, cognition, movement disorders and pain.
“CBD is growing faster than cannabis in the U.S., and the hemp-CBD market alone could hit $22 billion by 2022. It’s been flying under the radar but is set to explode, having profound impacts on CPG (consumer packaged goods) and Pharma,” a Brightfield Group representative said.
The Brightfield Group is a leading predictive analytics and market research firm for the legal CBD and cannabis industries.
Anchored by the Illinois facility, Red White & Bloom intends to establish large-scale production capabilities focused on hemp extraction and product manufacturing within the United States.
Management’s experience in creating the first standardized cannabis production facility in Canada will allow it to establish this state-of-the-art Illinois facility as the bellwether for standardization of premium hemp CBD, and CBD-derived medicines and products.
The family-owned, 3,612,866-square-foot greenhouse includes 451,282 square feet of production and warehouse facilities on more than 231 acres of land.
There are 175 full-time employees and more than 400 workers at peak season.
The entire greenhouse is computerized and highly efficient with an operable roof system, and ebb and flood watering with 100 percent water recycling.
“We continue with our plan to rapidly expand from our base in Michigan and invest in scaled operations across the United States as we bring together additional components of our multi-state operator strategy,” Red White & Bloom CEO Brad Rogers stated.
“We have been making investments in IP, formulations and brands as well as finalizing terms on a number of other transactions for our CPG rollout later in 2019,” Rogers stated.
“We believe these efforts will allow us to expand our presence expeditiously and help position the company to be one of the largest national players in the rapidly expanding U.S. cannabis market,” he stated.