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RWB Raises $13.5M To Finalize The Purchase Of Illinois THC Cultivation License

February 11, 2021 10:39 am
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RWB Raises $13.5M To Finalize The Purchase Of Illinois THC Cultivation License

Red White & Bloom Brands Inc. (CSE:RWB) (OTCQX:RWBYF) has raised some $13.5 million to fund the closing of its previously announced purchase of a THC cultivation license in Illinois alongside additional assets.

The sum includes CA$8 million ($6.31 million) coming from an investor via a warrant exercise for some 8 million of RWB’s common shares, $7 million as part of a non-convertible debenture unit financing commitment, as well as cash on hand.

The Toronto-based company expects to close the acquisition announced in December, later this quarter.

Following the takeover, RWB will oversee the Shelbyville-based operation, previously run by Cannabis Capital Partners Inc.

In addition, the operation was one of the original 21 medical marijuana cultivation center permits in the Prairie State.

The company also said it plans to launch both Platinum Vape and High Times products in Illinois once the acquisition is finalized.

“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 company’s chairman and CEO Brad Rogers noted Thursday.

“The renewed optimism around the State permitting an additional 75 retail locations further highlights the enormous opportunity Illinois offers,” Rogers disclosed. 

In January, Illinois hit another marijuana sales record, generating roughly $89 million in adult-use cannabis purchases, according to Marijuana Moment.

Moreover, for the first year of legal sales, Illinois collected $205 million in cannabis taxes, while approximately $757.9 million in cannabis has been sold, the report continued.

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