Red White & Bloom's bid to acquire Aleafia Health succeeds

Red White & Bloom Brands (RWB) has successfully bid to acquire Aleafia Health and some of its subsidiaries through the Companies’ Creditors Arrangement Act (CCAA) process in Canada. The deal includes a reverse vesting transaction where certain assets and intellectual property owned by Aleafia Health will be transferred to RWB. Some Aleafia assets and liabilities are excluded from the deal, and a court approval hearing is scheduled for October 27, with the deal expected to close in November.

This move follows a failed attempt by RWB to acquire Aleafia Health earlier, which was canceled due to opposition by some debt holders. Aleafia Health has entered creditor protection shortly after.

RWB operates in several U.S. markets and focuses on the cannabis sector.

RWB is a multi-state cannabis operator in the U.S., focusing on key markets like Arizona, California, Florida, Massachusetts, Missouri, and Michigan.