Red White & Bloom Brands Inc. (CSE:RWB) (OTC:RWBYF) announced a series of transaction and operational decisions to strengthen the balance sheet and provide significant operational cost reductions in 2022, including closing the sale of its Granville, Illinois property to New Branches, LLC, and repayment of $51.7 million of secured debt.
“Having recently obtained full operational control of our intellectual property, brands and operations across all assets, we’ve expeditiously mobilized our teams to optimize our strategy for the current and anticipated market conditions to maximize shareholder value. We are very pleased with the significant balance sheet and operational improvements we have made in a relatively short period of time," Brad Rogers, RWB CEO, stated. "Today’s announcement is the culmination of an in-depth review and rationalization of assets and operations. We have reduced well over $100 million of liabilities without any dilution to our shareholders and have exited the one state that had not contributed any revenue from THC operations to our results since our inception.”
