Red White & Bloom (CSE: RWB) (OTCQX: RWBYF), a multistate cannabis operator and house of premium brands in the U.S. legal cannabis sector, is eliminating an estimated $10.5 million in debt. The company announced that its board of directors voted to approve the settlement of $10.475 million in debt related to arm’s length financing through the issuance of common shares at a price of $0.47 per share. According to the company, that pricing represents a premium of 370% to the company’s closing price per share on Dec. 20, 2022. Following the vote, RWBYF issued 22,440,467 common shares to creditors of the company, noting that all securities issued will be subject to a statutory hold period that expires four months and one day from the date of issuance. “We continue to strengthen our balance sheet and eliminate debt at favorable terms for the company,” said Red White & Bloom president and director Colby De Zen in the press release. “As evidenced by the tremendous progress already made this year on restructuring our balance sheet and expanding margin and the reach for our branded products, we are committed to growing our business, achieving our profitability goals, and building shareholder value.”
To view the full press release, visit https://ibn.fm/ePUHB
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 and Michigan. 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 https://ibn.fm/RWBYF
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