Red White & Bloom Brands Refinances Roughly $19M Of Short-Term Debt

Red White & Bloom Brands Inc. RWB RWBYF has completed the refinancing of an aggregate principal amount of $18.62 million debentures, which were previously issued to an arm's-length investor.

Based in Toronto, the company said Monday that it has replaced its prior debentures with a new debenture in the principal amount of $19.37 million.

The new debenture is carrying interest at the rate of 10% on an annual basis and is unsecured and payable on the maturity date of January 21, 2023.

Red White & Bloom recently reported its select second-quarter financial results revealing quarterly revenue of $13.3 million, up by 13% from $11.8 million in the first quarter of 2021.

Earlier this month, the company got the green light to move forward with its full operational strategy in Michigan and complete the licensing process for its intended facilities, ahead of the announcement that it has built out a new production facility to GMP specifications in Florida.  

The new facility was constructed within a 4,800 square foot standalone structure at RWB Florida's Sanderson location and is poised to address the market's fast-growing demand for edibles.

In addition, Red White & Bloom also welcomed former US Congressman Ryan Costello to its board of directors.

Costello brings years of US government regulatory experience in overseeing cannabis policy.

Brad Rogers, chairman and CEO of the Canadian company, said that Costello "will be a very welcome addition to the RWB Board."

Price Action

Red White & Bloom Brands' shares traded 1.33% lower at $0.74 per share after the market close on Friday.

Photo: Courtesy of Josh Appel on Unsplash

Posted In: CannabisNewsPenny StocksFinancingMarketsdebt finanicng
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Benzinga Cannabis Capital Conference is coming to Florida

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on bzcannabis.com – Prices will increase very soon!


Loading...