Red White & Bloom Brands Inc logo

RWBYF - Red White & Bloom Brands Inc News Story

$1.18 0.0  0.0%

Last Trade - 16/04/21

Sector
Healthcare
Size
Small Cap
Market Cap £170.3m
Enterprise Value £254.9m
Revenue £4.40m
Position in Universe 4370th / 6850

Red White & Bloom Arranges Approximately US$13.5 Million to Finance its Closing Costs for Illinois Acquisition

Thu 11th February, 2021 12:00pm
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-  RWB receives CDN$8 million warrant exercise from institutional investor 
-

-  Signs irrevocable US$7 million non-convertible debenture unit financing
commitment  -

-  On schedule for a First Quarter 2021 acquisition closing  -

TORONTO, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc.
(https://www.globenewswire.com/Tracker?data=7qh1ndGejMuS6sZ9OIpuq0Q1q4DVTM-tsHdZLyupfJjYAYkoeKHq-YBfRZdr4Z7AuEpP9CDZ8hdhuFDlN48Mlq89LpXyq75Y56IeJLmTV7fXyAtD-p-TmXxeI5J9B-_4)
(CSE: RWB) (OTC: RWBYF)
(https://www.globenewswire.com/Tracker?data=QTi3-yS0FYBYseMpmKcy-1Gb0GZoQJCeTig9hEDL2-GeTjyDQFY2EIGKnh3MMYpsoT28jxrlB2yUwv5_yNJwBAkIaYqZeWYCxHilM30_1C2k1KU6NovEA2Ed-zusI7w3lyPLEa4s11V_tidk0E37BSEwdcQUabtoM5SxlXmZenk=)
(“RWB” or the “Company”) announces that it has arranged the required
cash for closing of its previously announced
(https://www.globenewswire.com/Tracker?data=okdFVOctlX34GKBSgBOM0CkhMcfI8YT5eyxhhaOytTuZkPTj11yfl_IuhUbh1MU-8Q_ic8C2LKvxWOw5lQEsDQy5vN9in_nXd2Maak0C0kBOO6sFY1a3p33u3BNqI1Gj5t6BhOEKRiQq4Bn4mr4EFThnDEt2Qj-QZRpw6tWRQbiqpHOcXlVbG0gMt4E5EHKusR6xw7quBCjnL7eWxDixMw==)
acquisition of an Illinois Adult Use and Medical Cannabis Cultivation Center
License and Associated Assets (the “Illinois Assets”).

Brad Rogers, Chairman & CEO of RWB commented, “Surpassing US $1 Billion of
adult use sales in only its first year, Illinois has quickly developed into
one of the most robust revenue markets in the United States(1). With the
financing now secured, we are thrilled to be one step closer to bringing Red
White & Bloom’s nationally-recognized brands to this market. The renewed
optimism around the State permitting an additional 75 retail locations further
highlights the enormous opportunity Illinois offers.”

Bennett Johnson III, RWB’s Director of Government Affairs & Public Policy
noted, “We are particularly enthused that Illinois has laid out the roadmap
for the strongest social equity and diversity programs in the cannabis
industry. Their vision aligns strongly with our core tenets of championing
social justice initiatives and fostering robust partnerships with marginalized
stakeholders. We have started the work in advance of closing to ensure that we
can contribute to this mandate and play our part in a meaningful way.”

Upon closing, and subject to regulatory approval, the Company intends to
introduce both its Platinum Vape
(https://www.globenewswire.com/Tracker?data=k0eqxNyMiguAD5yrjv3H2k8RlGDTNHhHtVNlo0ZOSfzOl5WYioVB05HnfgcaFov513f1to5MFpTk5ninjVD8Pg==)
and High Times® branded products into the Illinois market. Platinum Vape
branded products are one of the most sought after brands in the markets they
serve, including Michigan, California and Oklahoma with plans to expand to
Arizona under way. High Times® is one of the most recognized cannabis brands
in the world, and the initial product launches in Michigan sold out in hours
after their availability. The Company believes that these brands backed by the
Company’s commitment to quality, safety and consistency will resonate with
users in Illinois.

The Company has received a Warrant exercise for 8,000,000 common shares for
gross proceeds of CDN $8 million from an institutional investor and combined
with the irrevocable commitment for the purchase of a US$7 million debenture
unit (the “Debenture Unit”), and cash on hand, the Company has arranged
the required financing to close its purchase of the Illinois’ Assets later
this quarter (subject to applicable regulatory approvals among other
conditions).

The Debenture Unit to be issued by the Company consists of a USD $7,000,000
principal amount of debenture (the “Debenture”) and 1,000,000 common share
purchase warrants (the “Warrants”). Each Warrant is exercisable into one
common share of the Company at a price of CDN$1.85 (or such other price as may
be acceptable to the Canadian Securities Exchange at the time of issuance) for
a period of 2 years from the date of issuance. All securities issued in
connection with the Private Placement will be subject to a four-month hold
period under securities laws.

About Red White & Bloom Brands Inc.

The Company is positioning itself to be one of the top three multi-state
cannabis operators active in the U.S. legal cannabis and hemp sector. RWB is
predominantly focusing its investments on the major US markets, including
Michigan, Illinois, Massachusetts, Arizona and California with respect to
cannabis, and the US and internationally for hemp-based CBD products.

For more information about Red White & Bloom Brands Inc., please contact:

Tyler Troup, Managing Director
Circadian Group IR
IR@RedWhiteBloom.com

Visit us on the web: www.RedWhiteBloom.com

Follow us on social media:
Twitter: @rwbbrands
Facebook: @redwhitebloombrands
Instagram: @redwhitebloombrands

Neither the CSE nor its Regulation Services Provider (as that term is defined
in the policies of the CSE) accepts responsibility for the adequacy or
accuracy of this release.

FORWARD LOOKING INFORMATION

This press release contains forward-looking statements and information that
are based on the beliefs of management and reflect the Company’s current
expectations.  When used in this press release, the words “estimate”,
“project”, “belief”, “anticipate”, “intend”, “expect”,
“plan”, “predict”, “may” or “should” and the negative of these
words or such variations thereon or comparable terminology are intended to
identify forward-looking statements and information.  The forward-looking
statements and information in this press release includes information relating
to the implementation of the Company’s business plan and the Illinois Assets
acquisition.  Such statements and information reflect the current view of the
Company with respect to risks and uncertainties that may cause actual results
to differ materially from those contemplated in those forward-looking
statements and information.

By their nature, forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, or other future events, to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements.  Such factors include, among
others, the following risks: risks associated with the implementation of the
Company’s business plan and matters relating thereto, risks associated with
the cannabis industry, competition, regulatory change, the need for additional
financing, reliance on key personnel, the potential for conflicts of interest
among certain officers or directors, and the volatility of the Company’s
common share price and volume.  Forward-looking statements are made based on
management’s beliefs, estimates and opinions on the date that statements are
made, and the Company undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other circumstances
should change.  Investors are cautioned against attributing undue certainty
to forward-looking statements.

There are a number of important factors that could cause the Company’s
actual results to differ materially from those indicated or implied by
forward-looking statements and information.  Such factors include, among
others, risks related to the Company’s proposed business, such as failure of
the business strategy and government regulation; risks related to the
Company’s operations, such as additional financing requirements and access
to capital, reliance on key and qualified personnel, insurance, competition,
intellectual property and reliable supply chains; risks related to the Company
and its business generally. The Company cautions that the foregoing list of
material factors is not exhaustive. When relying on the Company’s
forward-looking statements and information to make decisions, investors and
others should carefully consider the foregoing factors and other uncertainties
and potential events. The Company has assumed a certain progression, which may
not be realized.  It has also assumed that the material factors referred to
in the previous paragraph will not cause such forward-looking statements and
information to differ materially from actual results or events. However, the
list of these factors is not exhaustive and is subject to change and there can
be no assurance that such assumptions will reflect the actual outcome of such
items or factors. While the Company may elect to, it does not undertake to
update this information at any particular time.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE
EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND,
ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE.  READERS SHOULD NOT PLACE
UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT
UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED
IN ACCORDANCE WITH APPLICABLE LAWS.
__________________________________________________

(1) https://www.marijuanamoment.net/illinois-sold-more-than-1-billion-worth-of-legal-marijuana-in-2020-new-state-data-shows/

(https://www.globenewswire.com/NewsRoom/AttachmentNg/ea005388-5fe8-4910-989f-b4de49b6bbc0)



GlobeNewswire, Inc. 2021
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