Tidal Royalty Corp. and MichiCann Medical Inc. announced the completion of a business combination to continue as Red White & Bloom Brands Inc. (“RWB”), forming a multi-state cannabis operator that holds a hemp production facility in Illinois and the right to acquire an investee that is operating a vertically integrated cultivation, production and retail business in Michigan.
It is anticipated that the common shares of RWB will commence trading on the Canadian Securities Exchange under the symbol “RWB” in the near term.
Prior to the completion of the business combination, Tidal advanced an aggregate of approximately $18 million to MichiCann in multiple tranches pursuant to a senior secured convertible debenture.
Cassels Brock & Blackwell LLP represented Tidal on this transaction with a team that included Shaun Khullar and Nancy Choi (securities and cannabis) and Patience Omokhodion (banking and specialty finance).
Gowling WLG represented MichiCann on this transaction with a team that included Jason A. Saltzman, Josh Rosen and Mark McAuley (securities and cannabis), Leila Burden-Nixon (banking) and Paul Carenza (tax).