Red White & Bloom Closes Acquisition of Florida Operations From Acreage Holdings


<![CDATA[TORONTO, April 28, 2021 (GLOBE NEWSWIRE) – PRESS RELEASE – Multistate operator Red White & Bloom Brands Inc. (RWB) is pleased to announce that its new subsidiary, RWB Florida LLC, has completed the acquisition of all of the issued and outstanding shares of Acreage Florida Inc. from High Street Capital Partners LLC, a subsidiary of Acreage Holdings Inc. RWB also completed the acquisition of certain owned and leased real estate assets used in Acreage Florida’s operations.RWB Florida is licensed to operate medical cannabis dispensaries, a processing facility and a cultivation facility in the state of Florida. The deal also includes the sale of property in Sanderson, Florida that includes more than 15 acres of land, an approximately 11,000-square-foot facility for cultivation and a 4,000-square-foot freestanding administrative office building. In addition, RWB Florida has eight leased stores in prime locations throughout the state.“The Florida cannabis market is poised for tremendous growth and is forecasted to be a top-five state by the year 2025,” Red White & Bloom CEO Brad Rogers said. “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 20 million 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,” he said. “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 High Street Capital entered into a definitive stock purchase agreement on…

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Source : Red White & Bloom Closes Acquisition of Florida Operations From Acreage Holdings

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