RWB:CC - InvestorNewsBreaks - Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) Reports Status Update on Aleafia Transaction
Red White & Bloom (CSE: RWB) (OTCQX: RWBYF), a multistate cannabis operator and house of premium brands, has released an update regarding its previously announced Aleafia Health Inc. transaction. According to the report, since Red White & Bloom received approval and a reverse vesting order from the Ontario Superior Court of Justice (Commercial List) in October 2023, the company has been working with Aleafia Health and certain subsidiaries to implement the transactions outlined by the previously announced and amended stalking horse asset purchase and share subscription agreement. Company officials noted that the only unsatisfied closing condition they are aware of is the 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,” stated the company in the press release. “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 the Amended Stalking Horse Agreement from Dec. 15, 2023, to Jan. 19, 2024. 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.”
To view the full press release, visit https://ibn.fm/cSX4k
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, Michigan and Ohio. The company has also successfully introduced its select Platinum brand of cannabis products into the Canadian provincial cannabis markets by way of an asset-light partnership with Aleafia Health. 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 http://ibn.fm/RWBYF
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