NetworkNewsBreaks – Red White & Bloom Brands Inc
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Posted On: 06/07/2021 3:32:59 PM
NetworkNewsBreaks – Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) Completes $44.5M in Financial Transactions, Retires $7.7M in Debt
Red White & Bloom Brands (CSE: RWB) (OTCQX: RWBYF), a multistate cannabis operator and house of premium brands, has finalized financial transactions resulting in a net cash infusion for the company of $36.8 million. The transactions provide full funding for the company’s initial budget for its expansion into Florida as well as its upcoming branding and expansion strategy into Michigan; the transactions also provide funding for the company to pay off an estimated $7.7 million in debt. The transactions included the closing of a nonbrokered private placement of 8,445,426 units offered at a price of C$1.15 per unit and the completion of a private placement of $6,500,000 unsecured debenture. Furthermore, the company’s wholly owned subsidiary, RWB Florida LLC, entered into agreements for an aggregate capital raise of $30,234,224. “As evidenced by today’s announcement, we continue to demonstrate our ability to access the needed expansion and working capital, in the least dilutive possible manner to our shareholders, to execute on our strategy,” said Red White and Bloom Brands chair and CEO Brad Rogers in the press release. “With the previously announced pre-qualification in the State of Michigan and this cash injection, we will now move aggressively towards taking control of our investment in Michigan in which the immediate growth strategy includes rebranding our dispensaries under the High Times banner and preparing for the expansion of cultivation facilities so that we can hit the ground running upon final inspection. . . . We also would like to welcome our new strategic investors in Florida. This group of investors have significant design/build capabilities in the State of Florida and will be a welcome addition as we embark on an aggressive expansion in that state.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Red White & Bloom Brands (CSE: RWB) (OTCQX: RWBYF), a multistate cannabis operator and house of premium brands, has finalized financial transactions resulting in a net cash infusion for the company of $36.8 million. The transactions provide full funding for the company’s initial budget for its expansion into Florida as well as its upcoming branding and expansion strategy into Michigan; the transactions also provide funding for the company to pay off an estimated $7.7 million in debt. The transactions included the closing of a nonbrokered private placement of 8,445,426 units offered at a price of C$1.15 per unit and the completion of a private placement of $6,500,000 unsecured debenture. Furthermore, the company’s wholly owned subsidiary, RWB Florida LLC, entered into agreements for an aggregate capital raise of $30,234,224. “As evidenced by today’s announcement, we continue to demonstrate our ability to access the needed expansion and working capital, in the least dilutive possible manner to our shareholders, to execute on our strategy,” said Red White and Bloom Brands chair and CEO Brad Rogers in the press release. “With the previously announced pre-qualification in the State of Michigan and this cash injection, we will now move aggressively towards taking control of our investment in Michigan in which the immediate growth strategy includes rebranding our dispensaries under the High Times banner and preparing for the expansion of cultivation facilities so that we can hit the ground running upon final inspection. . . . We also would like to welcome our new strategic investors in Florida. This group of investors have significant design/build capabilities in the State of Florida and will be a welcome addition as we embark on an aggressive expansion in that state.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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