This is the first acquisition by RWB since going public
Red White & Bloom Brands Inc. (RWB) (OTC: RWBYF) is buying a group of California-based companies operating under the name Platinum Vape for approximately $35 million. This is the first acquisition by RWB since going public and also marks its entry into California.
The company is paying $7 million in cash at the closing, another $13 million in cash within 120 days of closing, and a $15 million convertible note, only convertible after 12 months, payable on the third anniversary of closing. In addition to that, the selling security holders of Platinum Vape will be entitled to receive up to another $25 million on the first anniversary of closing, contingent on Platinum Vape achieving certain financial milestones.
George and Cody Sadler, Founders of Platinum Vape, said, “We at Platinum Vape are excited to have done such an amazing deal to integrate PV into the RWB family. Cody and I have been building the business for nine years so far and feel that RWB is the best place to continue not only the growth of PV for us but for our family as well. We couldn’t be happier with our decision.”
To Read The Rest Of This Article On Green Market Report, Click Here