Marijuana multistate operator Red White & Bloom’s plan to acquire distressed Canadian company Aleafia Health is back on the table.
The Ontario Superior Court of Justice approved the MSO’s stalking-horse bid for Aleafia, according to a news release.
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Aleafia Health filed for creditor protection in July after a merger between the two companies failed.
The deal includes asset purchases and a share subscription agreement if Red White & Bloom is the successful bidder – which is not guaranteed.
The agreement also includes:
A release of all outstanding amounts and obligations payable by the Aleafia Group under the loan agreement made as of Dec. 24, 2021, and all related loan and security documentation, which amounts to more than $15 million. A release of all outstanding amounts and obligations payable by the Aleafia Group as of the closing date pursuant to the debtor-in-possession financing of up
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