Red White & Bloom, a wholly-owned subsidiary of High Yields Cannabis Company, announced in a press release this morning that it has secured $44.5 million in debt and equity financing to support the commercialization of its proprietary products. The financing was led by a syndicate of existing investors, including partners from the private equity firm The Green Organic Dutchman (TGOD) as well as a group of strategic investors including the Malvern, PA-based cannabis company.
Red White & Bloom (RWB), an electronic cigarette and vaporizer company, has raised $44.5 million in debt and incurred a subsidiary liability of $21.5 million in a debt deal, according to the company’s publicly filed documents. The company, which sells disposable vape pens, said in a regulatory filing Thursday that its subsidiary, Red White & Bloom Holdings LLC, has drawn down 12.4 million shares of the company’s common stock and $21.5 million in a letter of credit to help finance its debt. The company’s chief executive, Adam Levin, said in a statement that the deal would help it expand its product line and product offerings.
Red White & Bloom, the cannabis industry’s largest marijuana company, announced on Thursday the company had raised $44.5 million through a debt and equity financing. To date, the company has raised $50 million in debt and $16 million in equity that it used to repurchase Red White & Bloom stock. Red White & Bloom owns a network of 32 dispensary locations in Colorado and one location in Illinois
Red White & Bloom closes $44.5 million financing and pays $7.7 million debt
- The transactions result in net cash inflows of $36.8 million.
- Full funding of the original budget for the expansion of the State of Florida.
- Provide working capital to support Michigan’s branding and expansion.
TORONTO, June 07, 2021 (GLOBE NEWSWIRE) – Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (RWB or the Company) is pleased to announce the closing of certain financial transactions providing approximately $36.8 million of new cash and the repayment of $7.7 million of debt. As today’s announcement demonstrates, we remain able to raise the necessary expansion and working capital to execute our strategy with minimal dilution to our shareholders.
Brad Rogers, CEO and Chairman of RWB
With the previously announced pre-qualification of Michigan and this cash injection, we will now move aggressively to get our investments in Michigan under control. Our immediate growth strategy includes rebranding our dispensaries under the High Times brand and preparing to expand our square footage to begin operations after final inspection. He added: We also welcome our new strategic investors to Florida. This group of investors has significant design and construction capabilities in Florida and will be a welcome addition as we embark on an aggressive expansion in the state. Details The Company previously completed a non-broad private placement of 8,445,426 units (the Units) at a price of C$1.15 per Unit for gross proceeds of C$9,712,239 (or C$7,769,792). Each Unit consists of one share of RWB Series II Convertible Preferred Stock (each Series II Share) and one-half of one common stock purchase warrant (both halves of the warrants are warrants). Each warrant is exercisable until the 12th day after the exercise date. May 2023 to purchase one additional ordinary share (each RWB share) at a price of C$1.15 per RWB share. In addition to the statutory holding period of 4 months, investors agreed to a lock-up period of 12 months for their shares. In addition, RWB completed a private placement of $6,500,000 of unsecured notes (the Notes) with independent purchasers (the Purchasers). The promissory notes bear interest at 12% per annum and have a maturity of 150 days from the date of issue. In return for the purchase of the note by the buyer, RWB paid the buyer an introduction fee by issuing 531,000 RWB shares. The gross proceeds of the debt will be used by RWB for working capital purposes. In addition, RWB’s wholly-owned subsidiary, RWB Florida LLC, a Delaware limited liability company (RWB Florida), on 4. June 2021 entered into agreements to acquire capital assets totaling $30,234,224. The Fundraising includes an investment of $11,337,834 from certain strategic investors (collectively, the Investors) directly in RWB Florida (the Investment Transaction). Under the terms of the investment transaction, investors will receive a direct interest in RWB Florida in the form of Class B shares representing a total of 17.70% of the company’s outstanding shares. In connection with the Investment Transaction, the Investors provided RWB Florida with subordinated debt securities in the aggregate amount of $18,896,390 at an interest rate of 8% and with a term of 36 months (the Debt Securities). The debt is subordinated to existing debt, secured by the assignment of certain liens, guaranteed by RWB and convertible at the option of the holder into RWB shares at a price of $2.75. In addition, investors have the opportunity to invest approximately $4 million more in 5 days, on essentially the same terms. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the US Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to any person in the United States without registration under the US Securities Act and any state securities laws or an exemption from such registration. About Red White & Bloom Brands Inc. The company has positioned itself as one of the top three operators in the legal cannabis and marijuana industry in the United States in several states. RSF focuses its investments primarily on key U.S. markets, including Michigan, Illinois, Florida, Massachusetts, Arizona and California for cannabis, as well as U.S. and international markets for cannabis-based CBD products. Original press release Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013. New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.
Red White & Bloom ( RWHB ) and its subsidiary Red White & Bloom Inc. ( RWHB ), a Canadian based company has recently raised $44.5 million in debt and this $44.5 million in debt raising was done through two separate bond fundraisings that were completed on April 27, 2018 and May 4, 2018.. Read more about when is red, white and boom 2021 and let us know what you think.
Frequently Asked Questions
Is Red White & Boom Cancelled for 2020?
Last week, the company Red White & Bloom (RWHB) announced it had raised $44.5 million in debt and a subsidiary in a deal that valued the company at $100 million. This is a significant increase from the $40 million project announced in February 2017, and the valuation matches the company’s stated goal of $100 million. As of today, Red White & Bloom Holdings, Inc., a Denver cannabis company whose mission is to “create law-abiding businesses that create positive change for all people”, has raised $44.5 million in debt and issued seven million shares of stock to repay the debt. They have also issued $32 million in revenue shares to raise $22.5 million in additional debt. The shares are sold at a discount with a redemption value of $0.11 per share. The price for the shares will never go above $0.11 per share. … The shares are sold at a discount with a redemption value of $0.11 per share. The price for the shares will never go above $0.11 per share. … The shares
What channel is Red White and Boom on?
On August 13, 2017, Red White & Bloom (RWB) announced that it has secured a $44.5 million credit facility, along with a $5 million equity investment, from affiliates of Jennison Associates and Cresco Capital Partners. In a blog post titled “Red White & Bloom Raises $44.5 Million in Debt and Subsidiary”, the channel Red White & Boom, which is described as “the most comprehensive financial news in the cannabis industry,” announced that it raised $44.5 million to help fund expansion and acquisitions. The channel’s CEO and founder, Alyse Kingsley, said the funding will allow for expansions into Australia and the UK, as well as acquisitions of other channels in the space.
Where is Red White and Boom?
The first company to grow, harvest, and sell marijuana to the public in California was Green Thumb Industries, Inc. Green Thumb is an agricultural company that has been around since 2002 and has continued to grow. In 2016, they acquired a medical-marijuana dispensary in Oakland and it was there they began their road to becoming the first billion dollar company in the cannabis industry. In early 2018, they received a $35 million loan from the city of Oakland and Green Thumb Industries acquired a dispensary in San Jose. Their plan is to eventually grow and sell cannabis in over half of the United States. Red White & Bloom (RWB) is a medical cannabis company that operates in the United States and Canada. The Company develops and licenses medical cannabis products for the health care and wellness markets in the United States. The Company is involved in the research, development, and licensing of medical cannabis products. The Company’s products include Red White & Bloom™, MMJ Xplode™ and Havens™.
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