Red White & Bloom (CSE: RWB) (OTCQX: RWBYF), a multistate cannabis operator and house of premium brands, is announcing two new key appointments as well as the restructuring of certain outstanding debenture terms. According to the announcement, Colby De Zen was named president and director of the company effective immediately and Gabriel Bianchi was appointed to the board of directors, pending completion of regulatory approvals. The restructuring involved an aggregate of $70 million of current loans amended with maturity now in 2024;a newC$17 million convertible debenture issued at a conversion price representing 67% premium to the closing price, also maturing in 2024; a current C$2.1 million loan amended with 2024 maturity; and more than C$100 million of current liabilities moved to long-term liabilities. “After close consultation with various debt holders, we are pleased to have successfully restructured over C$100 million of our short-term debt,” said Red White & Bloom chair and CEO Brad Rogers in the press release. “Today’s announcement is validation that our debt holders share our enthusiasm for long-term opportunities for growth at RWB. By extending the maturity to 2024, we have a significant runway to realize the operational changes we have made and to growth the company is dedicated to achieving. The addition of Colby to the management team will further allow us to focus on margin growth, operational efficiencies and balance sheet improvements. . . . Gabriel has extensive experience in lease negotiations, optimizing real estate portfolios and foreseeing market trends. . . . His assistance will be invaluable as we move to optimize and expand the significant footprint of locations currently held by the company in Michigan and Florida.”
To view the full press release, visit https://ibn.fm/N84D0
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 and hemp 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.
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