Red White & Bloom (CSE: RWB) (OTCQX: RWBYF), a multistate cannabis operator and house of premium brands, is providing a status update related to Aleafia Health Inc. According to the update, the Ontario Superior Court of Justice has approved a stalking horse asset purchase and share subscription agreement outlining RWB’s acquisition of certain assets from Aleafia Health as well as the subscription for shares of certain subsidiaries of Aleafia Health; the agreement is dependent on RWB being the successful bidder and all pertinent approvals being obtained. The announcement also noted that Aleafia has obtained a court order approving an extension of the stay period until Oct. 31, 2023; the SISP submitted by the Aleafia Group and KSV Restructuring Inc. in its capacity as monitor in the proceedings; the stalking horse agreement; and the preservation and maintenance of the Aleafia Group’s Health Canada and cannabis excise licenses until the expiration of the stay period, which would include the ability of the Aleafia Group to sell cannabis in the ordinary course under the licenses; the court order included other items as well.
“There is no assurance that RWB’s stalking horse bid will be the successful bid under the SISP,” the announcement stated. “If RWB’s stalking horse bid is unsuccessful, the stalking horse agreement will terminate. Any alternative successful bid would result in the repayment in full of all amounts outstanding under the Aleafia senior secured loan agreement and the DIP loan in addition to the payment of an expense reimbursement of up to $500,000 associated with transaction costs incurred by RWB in connection with the preparation of RWB’s stalking horse bid.”
To view the full press release, visit https://ibn.fm/4pyTY
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, Missouri and Michigan. For more information about the company, please visit www.RedWhiteBloom.com.
NOTE TO INVESTORS: The latest news and updates relating to RWBYF are available in the company’s newsroom at https://ibn.fm/RWBYF
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