Red White & Bloom Bid For Insolvent Cannabis Operator Aleafia Succeeds

RWB had previously entered a stalking-horse bid for Aleafia

Multistate operator Red White & Bloom Brands has moved forward with its bid to buy Aleafia Health, months after a failed attempt to acquire the insolvent Canadian cannabis producer.

Toronto-based Red White & Bloom (RWB) said Thursday it “has been selected as the successful bidder” for Aleafia and some of its subsidiaries through the proceedings under Canada’s Companies’ Creditors Arrangement Act (CCAA).

RWB had previously entered a stalking-horse bid for Aleafia as part of the Canadian company’s CCAA process.

The purchase price put forward in the stalking-horse bid was estimated in an August report by court-appointed CCAA monitor KSV Restructuring to be between 25 Canadian dollars and CA$29 million ($18.3 million-$21.2 million).

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