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