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Red White & Bloom Brands Inc. (RWB.CN)

Canadian Sec - Canadian Sec Real Time Price. Currency in CAD
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1.2600-0.0400 (-3.08%)
At close: 3:59PM EDT
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Previous Close1.3000
Open1.3100
Bid1.2600 x N/A
Ask1.2900 x N/A
Day's Range1.2500 - 1.3300
52 Week Range0.4850 - 2.0000
Volume211,857
Avg. Volume587,690
Market Cap234.073M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-0.6640
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Red White & Bloom Releases Update and Advises on Timing of Filing Annual Audited Financial Statements and Management's Discussion and Analysis
    GlobeNewswire

    Red White & Bloom Releases Update and Advises on Timing of Filing Annual Audited Financial Statements and Management's Discussion and Analysis

    TORONTO, May 04, 2021 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) previously announced that it did not file its audit in advance of the April 30, 2021 deadline. The Company anticipates filing its 2020 audited financial statements on or before May 31, 2021. As a result of today's announcement, RWB is providing certain 2020 and subsequent financial results: Certain highlights for 2020 and subsequent to the year end: System wide product sales1 for the Company, which excludes RWB Michigan, RWB Florida and RWB Illinois, in the fourth quarter of 2020 were approximately CDN $26.5 million, an increase of 218% over the third quarter and the first full quarter post-closing of the Platinum Vape (“PV”) acquisition;RWB closed its acquisition of Acreage Florida, Inc. which included an approximate 114,000 SF facility for cultivation and 8 leased stores. RWB Florida is licensed to operate medical marijuana dispensaries (MMTCs), a processing facility, and a cultivation facility;RWB closed on the acquisition of PV, which is licensed in the State of California and has products available in Michigan and Oklahoma with agreements in place to expand to Arizona;RWB closed on the acquisition of Mid-American Growers, owners of 3.6 million square foot glass greenhouse in the State of Illinois. The Company has since entered into a definitive agreement to purchase one of only 21 cannabis licenses and operations in Illinois, for consideration of approximately US$45 million;RWB has funded US$75 million to PharmaCo, a Michigan based licensed operator that has acquired 18 provisioning centers (dispensaries) and multiple cultivation centers. PharmaCo sales in 2020 were approximately CDN $70 million with 8 stores operating as of the end of 2020;RWB has submitted its applications to regulators in the state of Michigan to complete the acquisition of all the assets of PharmaCo, the closing of which is fully funded;The Company has raised in excess of US$110 million, in both debt and equity, between January 1, 2020 and April 30, 2021;The Company has completed, or has definitive agreements for, the acquisition of THC licensed entities in Michigan, Illinois, Florida, California, and Massachusetts; Total consideration for completed and pending mergers and acquisitions exceeds US$250 million;Once all acquisitions are closed, RWB, and RWB brands will be available in 6 of the top 10 states in the US, measured by cannabis revenue, with sales in 2020 exceeding $8.8B. Management Commentary "Despite our frustration with the delay in releasing our results for 2020, we are thrilled with what we have accomplished over the year, and the first few months of 2021. I see a company that has grown from being an arm’s-length investor in Michigan, to a footprint that will see RWB deploy its house of brand strategy in six of the most coveted cannabis markets in the United States,” said Brad Rogers, Chief Executive Officer and Chairman of RWB. "When I reflect on the foundation we’ve set for this company to build on, including our brand strategy, I see a unique approach to the market. In the last 16 months or so we went public, raised over a hundred million dollars, entered into agreements for over a quarter billion dollars of acquisitions, and closed over half of those already. We have a strategy to rapidly build scale in two of the best limited-license markets in the US, and our previous investments in Michigan have already achieved this. In our brand portfolio, we see PV expanding quickly and decisively, while High Times has sold out every time its released in Michigan.” Mr. Rogers concluded: "I am incredibly proud of the work our team has accomplished in 2020 and subsequently. Together, we will continue to stay focused on going deeper in our core states, the judicious deployment of capital, and growing our business." 1System wide product sales is a financial measure that is not determined or defined in accordance with the International Financial Reporting Standards, as issued by the International Accounting Standards Board ("IFRS"). System-wide product sales represents the sum of direct sales and indirect sales of PV branded products as well as hemp and CBD sales. It does not include PharmaCo, RWB Illinois or RWB Florida results.About Red White & Bloom Brands Inc.The Company is positioning itself to be one of the top three multi-state cannabis operators active in the U.S. legal cannabis and hemp sector. RWB is predominantly focusing its investments on the major US markets, including Michigan, Illinois, Massachusetts, Arizona and California with respect to cannabis, and the US and internationally for hemp-based CBD products. For more information about Red White & Bloom Brands Inc., please contact: Tyler Troup, Managing DirectorCircadian Group IRIR@RedWhiteBloom.com Visit us on the web: www.RedWhiteBloom.com Follow us on social media:Twitter: @rwbbrandsFacebook: @redwhitebloombrandsInstagram: @redwhitebloombrands Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. FORWARD LOOKING INFORMATION This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. There is no assurance that these transactions will yield results in line with management expectations. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the implementation of the Company’s business plan and matters relating thereto, risks associated with the cannabis industry, competition, regulatory change, the need for additional financing, reliance on key personnel, market size, and the volatility of the Company’s common share price and volume. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others, risks related to the Company’s proposed business, such as failure of the business strategy and government regulation; risks related to the Company’s operations, such as additional financing requirements and access to capital, reliance on key and qualified personnel, insurance, competition, intellectual property and reliable supply chains; risks related to the Company and its business generally; risks related to regulatory approvals. The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. While the Company may elect to, it does not undertake to update this information at any particular time. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

  • Red White & Bloom Brands Provided Extension in Filing Annual Financial Statements
    GlobeNewswire

    Red White & Bloom Brands Provided Extension in Filing Annual Financial Statements

    VANCOUVER, British Columbia, May 03, 2021 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc., (CSE: RWB)(OTCQX: RWBYF) (the “Company” or “RWB”) announces today that as a result of delays to its audit, the Company’s annual financial statements and accompanying management's discussion and analysis for the fiscal year ended December 31, 2020 (the “Annual Filings”) were not finalized by April 30, 2021, being the date that such filings are due under applicable Canadian securities law requirements. The Company currently expects to file the Annual Filings on or before May 31, 2021 and will issue a news release announcing completion of such filings at such time. The reason for the delay is due to the integration of subsidiaries acquired, the complexity of acquisition transactions and various delays caused by Covid-19 which collectively resulted in the Company not having adequate time and resources available to complete the audit in the allotted time. The Company is working with its auditor (MNP LLP) to complete the audit in a timely manner. The Company has been granted by the British Columbia Securities Commission, as principal regulator for the Company, a management cease trade order under National Policy 12-203 - Management Cease Trade Orders. The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing biweekly default status reports in the form of news releases for so long as it remains in default of the noted filing requirements. During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares; however, the Company's chief executive office and chief financial officer will not be able to trade in the Company's common shares. About Red White & Bloom Brands Inc. The Company is positioning itself to be one of the top three multi-state cannabis operators active in the U.S. legal cannabis and hemp sector. RWB is predominantly focusing its investments on the major US markets, including Florida, Illinois, California, Michigan, Oklahoma and Arizona with respect to cannabis, and the US and internationally for hemp-based CBD products. ON BEHALF OF THE BOARD “Brad Rogers” Brad Rogers, CEO For more information about Red White & Bloom Brands Inc., please contact: Tyler Troup, Managing DirectorCircadian Group IRIR@RedWhiteBloom.com Visit us on the web: www.RedWhiteBloom.com Follow us on social media:Twitter: @rwbbrandsFacebook: @redwhitebloombrandsInstagram: @redwhitebloombrands Cautionary Note Regarding Forward-Looking Statements: Information in this press release that involves RWB’s expectations, plans, intentions or strategies regarding the future are forward-looking statements that are not facts and involve a number of risks and uncertainties. RWB generally uses words such as “outlook,” “will,” “could,” “would,” “might,” “remains,” “to be,” “plans,” “believes,” “may,” “expects,” “intends,” “anticipates,” “estimate,” “future,” “plan,” “positioned,” “potential,” “project,” “remain,” “scheduled,” “set to,” “subject to,” “upcoming,” and similar expressions to help identify forward-looking statements. In this press release, forward-looking statements include statements regarding: the timing and completion of necessary accounting and review procedures to complete the Annual Filings and other factors beyond our control. Forward-looking statements reflect the then-current expectations, beliefs, assumptions, estimates and forecasts of RWB’s management. The forward-looking statements in this press release are based upon information available to RWB as of the date of this press release. Forward-looking statements believed to be true when made may ultimately prove to be incorrect. These statements are not guarantees of the future performance of RWB and are subject to a number of risks, uncertainties and other factors, some of which are beyond its control and may cause actual results to differ materially from current expectations, including without limitation: failure to negotiate and enter into a definitive agreement with Molecular You; failure to meet regulatory requirements; changes in the market; potential downturns in economic conditions; and other risk factors described in RWB’s public filings available on SEDAR at www.sedar.com. Accordingly, readers should exercise caution in relying upon forward-looking statements and RWB undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by applicable law. The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

  • Retransmission: Red White & Bloom Closes Acquisition of  Florida Operations from Acreage Holdings
    GlobeNewswire

    Retransmission: Red White & Bloom Closes Acquisition of Florida Operations from Acreage Holdings

    TORONTO, April 28, 2021 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) is pleased to announce that, further to its press release of February 25, 2021, its new subsidiary, RWB Florida LLC, has completed the acquisition of all of the issued and outstanding shares of Acreage Florida, Inc. (“Acreage Florida”) from High Street Capital Partners, LLC (the “Seller”), a subsidiary of Acreage Holdings Inc. (“Acreage”) (CSE: ACRG.A.U; ACRG.B.U) (OTCQX: ACRDF, ACRHF). RWB also completed the acquisition of certain owned and leased real estate assets used in Acreage Florida’s operations (the “Florida Real Estate”). RWB Florida is licensed to operate medical marijuana dispensaries, a processing facility, and a cultivation facility in the state of Florida. The Company wishes to correct the previous disclosure from the news release issued on April 28, 2021 and advises that the deal also includes the sale of property in Sanderson, Florida that includes over 15 acres of land and approximately 114,000 SF facility for cultivation and a 4,000 SF freestanding administrative office building, not an 11,000 SF facility as previously disclosed. In addition, RWB Florida has 8 leased stores in prime locations throughout the state. “The Florida cannabis market is poised for tremendous growth and is forecasted to be a top 5 State by the year 2025,” said Brad Rogers, CEO of Red White & Bloom. “With approximately 450,000 medical cannabis patients currently registered in Florida, we see this as an amazing growth opportunity for the company. Combine this with a population of 20M and we are delighted this deal has been finalized and look forward to delivering the highest quality medical products to the market.” Jim Frasier, formerly of Acreage, has been appointed the position of Florida General Manager for Red White & Bloom. “Our employees are impressed with Red White & Bloom’s commitment to the local communities as they expand their ESG program around the environment, jobs, social justice and governance. We are excited to play a major role in the benefits cannabis can bring to the state of Florida.” Deal Terms: RWB, RWB Florida and Seller entered into a definitive Stock Purchase Agreement on February 21, 2021, as amended on April 27, 2021, to acquire Acreage Florida and the Florida Real Estate from Seller for an aggregate purchase price of US $60,000,000 in cash, stock and other considerations including: an up-front cash payment of US $5,000,000 previously paid on execution of the Stock Purchase Agreement;a cash payment of approximately US $16,500,000 made on closing (the “Cash Purchase Price”);US $7,000,000 in common shares of RWB (“RWB Shares”), amounting to 5,950,971 RWB Shares based on a Volume weighted average price of RWB’s Shares on the CSE for the 5 trading days prior to closing, subject to a 12 month lock-up agreement dated April 27, 2021 between Seller and RWB (the “Lock-Up Agreement”) pursuant to which 1/6 of the RWB Shares will be released to the Seller each month commencing the 6th month after the entering into of the Lock-Up Agreement, or immediately upon a change of control transaction;US $28,000,000 in vendor take back promissory notes (comprised of a US $10,000,000 7 month note bearing interest at 8% per annum, a US $18,000,000 13 month note bearing interest at 8% per annum and an approximate US $3,500,000 5 Business Day Note bearing interest at 1% per annum) (collectively, the “Promissory Notes”);The Promissory Notes are secured by a pledge agreement between RWB Florida and Seller pursuant to which the shares of Acreage Florida were pledged to Seller and the Promissory Notes are guaranteed by the Company; andThe parties entered into a transition services agreement dated April 27, 2021 (the “TSA”) whereby Seller agreed to provide certain transition services to RWB with respect to continued operations of Acreage Florida by RWB until September 1, 2021 including certain financial reporting and general accounting support, the use of the “Botanist” Brand until such time as RWB receives regulatory clearance in respect of the “High Times” brand or other alternative brand in Florida as well as certain HR and IT support. To assist in the funding of the transaction: RWB closed on an aggregate principal amount of US $11,000,000 unsecured debentures (the “Debentures”) on April 21, 2021 from arm’s length investors (the “Debenture Purchasers”). The Debentures bear interest at the rate of 12% per annum and mature 150 days from the date of issuance. In consideration of the purchase of the Debentures by the Debenture Purchasers, RWB issued the Debenture Purchasers an aggregate of 900,000 RWB Shares at a price of $1.184 per Origination Share; and RWB and RWB Florida entered into a binding expression of intent (the “Binding Term Sheet”) with four (4) arm’s-length investors (the “Term Sheet Investors”) pursuant to which the Term Sheet Investors would invest US $8,000,000 to purchase: an aggregate amount of US $3,000,000 of equity RWB Florida (representing approximately 3.75% of the equity of RWB Florida) (the “Term Sheet Equity”) subject to the right of RWB to repurchase this equity from the Term Sheet Investors for the amount equal to the EBITDA of RWB Florida with a multiple of 8x; and purchase an aggregate principal amount of US $5,000,000 unsecured convertible debentures of RWB (the “Term Sheet Debentures”). The principal of Term Sheet Debentures plus interest in the amount of 24.0% (8% per annum) will be due and payable on the 3rd anniversary of the Term Sheet Debentures; provided that the Term Sheet Investors may convert their Term Sheet Debentures into RWB Shares at a conversion price equal to US $2.75 per RWB Share; provided, further, if the RWB Shares are valued at US $6.00 per RWB Share, RWB may force conversion. RWB will have the option to repay the Term Sheet Debentures after one year along with 8% annual interest. To date, a total of US $5.5M towards the purchase of Term Sheet Equity and Term Sheet Debentures has been funded and used by RWB towards the Cash Purchase Price. The Term Sheet Investors, RWB Florida and RWB will enter into certain definitive agreements in respect of their investments in the coming days. A finder’s fee is payable on the transaction. About Red White & Bloom Brands Inc. The Company is positioning itself to be one of the top three multi-state cannabis operators active in the U.S. legal cannabis and hemp sector. RWB is predominantly focusing its investments on the major US markets, including Michigan, Illinois, Massachusetts, Arizona and California with respect to cannabis, and the US and internationally for hemp-based CBD products. For more information about Red White & Bloom Brands Inc., please contact: Tyler Troup, Managing DirectorCircadian Group IRIR@RedWhiteBloom.com Visit us on the web: www.RedWhiteBloom.com Follow us on social media:Twitter: @rwbbrandsFacebook: @redwhitebloombrandsInstagram: @redwhitebloombrands Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. FORWARD LOOKING INFORMATION This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. There is no assurance that these transactions will yield results in line with management expectations. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the implementation of the Company’s business plan and matters relating thereto, risks associated with the cannabis industry, competition, regulatory change, the need for additional financing, reliance on key personnel, market size, and the volatility of the Company’s common share price and volume. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others, risks related to the Company’s proposed business, such as failure of the business strategy and government regulation; risks related to the Company’s operations, such as additional financing requirements and access to capital, reliance on key and qualified personnel, insurance, competition, intellectual property and reliable supply chains; risks related to the Company and its business generally; risks related to regulatory approvals. The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. While the Company may elect to, it does not undertake to update this information at any particular time. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.