ACRDF - InvestorNewsBreaks - Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) Acreage Holdings Inc. (CSE: ACRG) (OTCQX: ACRHF) Complete Sale of Note
Red White & Bloom Brands (CSE: RWB) (OTCQX: RWBYF), a multistate cannabis operator and house of premium brands, and Acreage Holdings (CSE: ACRG, ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF) have announced additional information about the sale of a $28 million promissory notes that Acreage received as consideration for the previously announced sale of its Acreage Florida subsidiary to RWBYF. A multistate operator of cannabis ?cultivation and retailing facilities in the United States, Acreage Holdings announced that it has completed the sale of the promissory notes. The notes, which are due from Red White and Bloom Brands, were sold to Viridescent Realty Trust Inc. for $26 million in total cash proceeds, which is in the upper range of the estimated fair market value of the notes. The announcement noted that the proceeds from the sales will be used to repay IP Investment Company LLC as part of a previous credit agreement. “The sale of the promissory notes that we received as consideration for the sale of our Florida operations, as well as the use of these proceeds to extinguish other debts of the Company, represent an important next step in strengthening our balance sheet,” said Acreage CFO Steve Goertz in the press release. “As we have previously communicated, Acreage remains focused on our three key strategic objectives — driving profitability, strengthening our balance sheet and accelerating our growth in our core markets.”
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About Red White & Bloom Brands Inc.
Red White & Bloom Brands is positioning itself to be one of the top-three, multistate cannabis operators active in the U.S. legal cannabis and hemp sector. RWB is predominantly focusing its investments on major U.S. markets, including Michigan, Illinois, Florida, Massachusetts, Arizona and California, with respect to cannabis, as well as the United States and internationally for hemp-based CBD products. 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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