Red White & Bloom Borrows $60M, Buys Ill. Pot Grow Assets
Law360 (December 17, 2020, 3:46 PM EST) — Multistate cannabis operator Red White & Bloom Brands Inc. on Thursday said it will borrow $60 million and use roughly half of the total to buy medical and recreational marijuana cultivation assets in Illinois.
The five-state pot operator will pay $32.5 million for the growing entity, Cannabis Capital Partners Inc., paying half upfront in cash. The rest of the three-year, 7% interest loan will be used for debt payments and working capital, according to a press release.
RWB, which says it is angling to become one of the top three multistate cannabis operators in the U.S., plans to transfer the new…
Published at Thu, 17 Dec 2020 20:48:01 +0000