Red White & Bloom (CSE: RWB) (OTCQX: RWBYF), a multistate cannabis operator and house of premium brands, is providing a status update regarding Aleafia Health Inc. and other corporate matters. According to the announcement, the Red White & Bloom noted that in connection with the proceedings of Aleafia Health and certain of its subsidiaries, the Ontario Superior Court of Justice has granted an approval and reverse vesting order regarding the previously announced sale transactions. This order is the only authorization needed to implement the transactions provided for under the previously announced stalking horse asset purchase and share subscription agreement, therefore the order “approves the implementation of the transactions contemplated by the Amended Stalking Horse Agreement, whereby a wholly owned subsidiary of RWB would subscribe for shares of the Aleafia Purchased Entities and acquire specific intellectual property owned, licensed or leased by Aleafia Health,” the announcement stated, noting that certain excluded assets and liabilities of the Aleafia purchased entities would be transferred to one or more corporations that would not be included among the Aleafia purchased entities at closing. RWB’s subsidiary would be the sole shareholder of the Aleafia Purchased Entities following closing.
In addition, the update noted that the court had granted an ancillary relief order approving amendments to the debtor-in-possession term sheet and an extension to the current stay period. While the closing of the transaction is subject to satisfaction or waiver of certain conditions, RWBYF anticipates closing on the agreement no later than Nov. 22, 2023. The update al so noted that Red White & Bloom’s board of directors approved the issuance of 700,000 common shares at $0.06 per share as final consideration for an asset purchase completed by a wholly owned subsidiary of the company.
To view the full press release, visit https://ibn.fm/ce5Na
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
About InvestorWire
InvestorWire (“IW”) is a specialized communications platform with a focus on advanced wire-grade press release syndication for private and public companies and the investment community. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, IW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, IW brings its clients unparalleled recognition and brand awareness. IW is where breaking news, insightful content and actionable information converge.
For more information, please visit https://www.InvestorWire.com
Please see full terms of use and disclaimers on the InvestorWire website applicable to all content provided by IW, wherever published or re-published: https://www.InvestorWire.com/Disclaimer
InvestorWire
Los Angeles, CA
www.InvestorWire.com
310.299.1717 Office
Editor@InvestorWire.com
InvestorWire is powered by IBN
