(MENAFN- Investor Brand Network) Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) , a multistate cannabis operator and house of premium brands, is providing a status update regarding Aleafia Health Inc., announcing that RWBYF has been selected as the successful bidder under the sale and investment solicitation process (“SISP”). The selection was approved by the Ontario Superior Court of Justice in connection with the proceedings of Aleafia and certain subsidiaries under the
Companies' Creditors Arrangement Act (“CCAA”). The announcement noted that in August 2023, the court had approved the terms of a SISP, including a stalking horse asset purchase and share subscription agreement noting that RWB would acquire certain assets from Aleafia Health and subscribe for shares of certain subsidiaries of Aleafia Health.
The stalking horse agreement outlines provisions for a reverse vesting transaction involving a wholly owned subsidiary of RWB that would subscribe for shares of certain of Aleafia Health's subsidiaries and acquire specific intellectual property owned, licensed or leased by Aleafia Health. After closing, RWB's subsidiary would be the sole shareholder of these specific properties. An approval order hearing date has been set for Oct. 27, 2023, and if the approval order is issued, Red White & Bloom expects to close the transaction no later than Nov. 22, 2023.
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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 and Michigan. For more information about the company, please visit
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