RWBYF - Red White & Bloom Extends Outside Date of Aleafia Transaction as it Awaits Regulatory Approval | Benzinga
TORONTO, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE:RWB, 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 of Aleafia Health's subsidiaries 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 of Aleafia Health's subsidiaries.
RWB remains committed to completing the transactions as soon as possible. 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 has been advised by Aleafia Health that it has received correspondence from Health Canada indicating that the approval process is progressing well and that there are no further comments or questions to be addressed by Aleafia Health on the change of control application submitted to Health Canada at this time. Health Canada has also acknowledged the priority associated with the aforementioned approval.
Given the above noted condition, the parties have mutually agreed to extend the outside date in ...