Associated tags: Social media, Cannabis, CBD, RWB, White, CSE, Risk management, Nature, Insurance, Regulation, IS, THIS, Intellectual property, ANY, OF, UPDATE, OTC
Locations: KLEINBURG, ON, CA, EMBLEM, GRIMSBY, UNITED KINGDOM, SASKATCHEWAN, GERMANY, NORTH AMERICA, ONTARIO, PARIS, MANITOBA, BRITISH COLUMBIA, CANADA, ALBERTA, AUSTRALIA
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Security (finance) TORONTO, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB”) is pleased to announce that, in connection with the proceedings of Aleafia Health Inc. (“Aleafia Health”) and certain of its subsidiaries (collectively, the “Aleafia Group”) under the Companies’ Creditors Arrangement Act (the “CCAA Proceedings”), the parties have successfully closed the previously announced sale transaction (the “Transaction”), as further described below.
Key Points:
- “The accretive nature of the Transaction has been evident to RWB management since the inception of the relationship with the Aleafia group of companies.
- With the closing behind us, the combined, dedicated RWB and Aleafia teams are focused on delivering accessible synergies focused within sales, production, procurement, and marketing."
- One of Canada’s largest virtual medical cannabis clinics that provides quality cannabis products to patient subscribers in a convenient and low-cost setting.
- An established portfolio of loyal cannabis brands in both adult use (recreational) and medical channels.
Retrieved on:
Friday, December 15, 2023
TORONTO, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) is providing an update on matters relating to Aleafia Health Inc. (“Aleafia Health”).
Key Points:
- TORONTO, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) is providing an update on matters relating to Aleafia Health Inc. (“Aleafia Health”).
- At this time, the only unsatisfied material closing condition known to RWB is the receipt of change of control regulatory approval from Health Canada.
- RWB is hopeful to receive Health Canada’s approval sooner so that completion of the transactions can take place well in advance of the new outside date.
- RWB remains prepared to close the transaction in short order once regulatory approval on the change of control is received from Health Canada.
Retrieved on:
Wednesday, November 29, 2023
Partnership,
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Acquisition,
Platinum,
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RWB,
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Automation,
Beauty salon Revenues were $20.1 million for the quarter ended September 30, 2023 (“2023-Q3”) and $69.1 million for the first nine months of fiscal 2023 (“2023-YTD”).
Key Points:
- Revenues were $20.1 million for the quarter ended September 30, 2023 (“2023-Q3”) and $69.1 million for the first nine months of fiscal 2023 (“2023-YTD”).
- Gross profit for 2023-YTD was $21.1 million or 31% of 2023-YTD revenues compared to gross profit of $20.8 million or 26% of 2022-YTD.
- Operating expenses were $8.4 million for 2023-Q3, a decrease of $1.6 million compared to 2022-Q3 operating expenses of $10.0 million.
- Operating expenses were $29.1 million for 2023-YTD, a decrease of $5.5 million compared to 2022-YTD operating expenses of $34.6 million.
Retrieved on:
Wednesday, November 22, 2023
TORONTO, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) is providing an update on matters relating to Aleafia Health Inc. (“Aleafia Health”).
Key Points:
- TORONTO, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) is providing an update on matters relating to Aleafia Health Inc. (“Aleafia Health”).
- Following receipt of the approval and reverse vesting order from the Ontario Superior Court of Justice (Commercial List) on October 31, 2023, RWB has continued to work with Aleafia Health and certain subsidiaries of Aleafia Health to implement the transactions contemplated by the previously announced stalking horse asset purchase and share subscription agreement, as amended and restated on October 24, 2023 (the “Amended Stalking Horse Agreement”) among RWB, Aleafia Health and certain subsidiaries of Aleafia Health.
- As of November 22, 2023, the parties to the Amended Stalking Horse Agreement have satisfied substantially all of the conditions to closing set forth in the Amended Stalking Horse Agreement.
- The parties are continuing to collaboratively pursue, with the applicable government authorities, the remaining conditions required to obtain the required regulatory approvals.
Retrieved on:
Thursday, November 9, 2023
Colby De Zen, President of RWB, expressed enthusiasm about the Company’s recent entry into Ohio.
Key Points:
- Colby De Zen, President of RWB, expressed enthusiasm about the Company’s recent entry into Ohio.
- “RWB takes great pride in expanding its presence in emerging adult-use markets in the United States.
- The launch of Platinum vape products in Ohio aligns seamlessly with the state's evolving cannabis landscape.
- The "yes" vote in Ohio means people aged 21 and over in the state will be able to use, grow or sell marijuana under a regulation-and-tax program imposed by the state.
Retrieved on:
Tuesday, October 31, 2023
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Holding company TORONTO, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) is providing an update on matters relating to Aleafia Health Inc. (“Aleafia Health”) and other corporate matters.
Key Points:
- TORONTO, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) is providing an update on matters relating to Aleafia Health Inc. (“Aleafia Health”) and other corporate matters.
- The Approval and Vesting 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.
- 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.
Retrieved on:
Thursday, October 12, 2023
TORONTO, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) is providing an update on matters relating to Aleafia Health Inc. (“Aleafia Health”).
Key Points:
- TORONTO, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) is providing an update on matters relating to Aleafia Health Inc. (“Aleafia Health”).
- As previously disclosed, the Stalking Horse Agreement provides for a reverse vesting transaction whereby a wholly-owned subsidiary of RWB would subscribe for shares of certain of Aleafia Health’s subsidiaries (collectively, the “Aleafia Purchased Entities”) and acquire specific intellectual property owned, licensed or leased by Aleafia Health.
- 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.
Ontario Superior Court of Justice,
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Annual general meeting,
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RWB,
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Platinum,
Automation,
Beauty salon,
Video game,
Security (finance) Revenues were $21.9 million for 2023-Q2 and $49.0 million for the first 6 months of fiscal 2023.
Key Points:
- Revenues were $21.9 million for 2023-Q2 and $49.0 million for the first 6 months of fiscal 2023.
- Adjusted EBITDA(1) was $0.3 million for 2023-Q2 and $1.0 million for the first six months of fiscal 2023.
- On June 20, 2023, the Company announced that its shareholders had approved all resolutions at the Annual General Meeting held on June 16, 2023.
- The continued availability of the DIP Loan is conditional upon, among other things, certain conditions being satisfied, including the Initial Order remaining in effect.
Companies' Creditors Arrangement Act,
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Ontario Superior Court of Justice,
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Court TORONTO, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) is providing an update on matters relating to Aleafia Health Inc. (“Aleafia Health”).
Key Points:
- TORONTO, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) is providing an update on matters relating to Aleafia Health Inc. (“Aleafia Health”).
- 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.
- The entering into the Stalking Horse Agreement was evaluated and ultimately approved by the disinterested members of the board of directors of each of Aleafia Health and RWB.
Ontario Superior Court of Justice,
Bankruptcy,
CSE,
Senior,
CCAA,
DIP,
Initial,
RWB,
OTC,
Bankruptcy and Insolvency Act,
Security (finance) The Initial Order approved, among other things, debtor-in-possession financing (“DIP Financing”) to be provided by RWB to fund the Aleafia CCAA Proceedings and other short-term working capital requirements pursuant to a term sheet between RWB and Aleafia dated July 24, 2023 (the “Aleafia DIP Term Sheet”).
Key Points:
- The Initial Order approved, among other things, debtor-in-possession financing (“DIP Financing”) to be provided by RWB to fund the Aleafia CCAA Proceedings and other short-term working capital requirements pursuant to a term sheet between RWB and Aleafia dated July 24, 2023 (the “Aleafia DIP Term Sheet”).
- Under the Aleafia DIP Term Sheet, RWB agreed to advance DIP Financing in the amount of $6,600,000 (the “DIP Loan”).
- RWB did not waive any outstanding breaches and reserved all of its rights and remedies under the Aleafia Senior Secured Loan Agreement.
- RWB also provided a series of extensions and other accommodations under the Aleafia Senior Secured Loan Agreement.
