Red White & Bloom · CSE: RWB · OTCQX: RWBYF
Red White & Bloom Brands
Status: NotRated · held. Red White & Bloom Brands Inc. is a cannabis operator with retained Canadian and international interests following the divestiture of its Florida business. Issuer and exchange materials identify CSE RWB and OTCQX RWBYF. The CSE showed the issuer as active Tier 2 with 470.222 million shares issued and 15.015 million reserved, but the reviewed evidence supplied no compatible current quote.
At June 30, 2026, RWB reported C$5.278 million of cash, C$180.110 million of total assets and C$407.308 million of total liabilities, producing a C$227.198 million shareholder deficit. Notes payable were C$365.381 million. Even cash plus C$50.090 million of notes receivable, less notes payable, gives a negative C$310.013 million mechanical bridge before lease obligations, access restrictions or collectability.
First-half revenue fell 37.88% to C$19.537 million. Gross profit before fair-value adjustments was C$6.549 million, or 33.52% of revenue. Operating loss was C$5.077 million, while C$19.165 million of finance expense equaled 98.10% of revenue. Operating cash outflow less property-and-equipment purchases was negative C$10.935 million.
The June statements and MD&A contain material internal conflicts. The going-concern note calls current assets less current liabilities a deficit although the face statements produce a C$68.477 million surplus, and describes C$9.714 million as cash provided by operations while the cash-flow statement shows cash used. Debt classifications also conflict, and the June issued-share note exceeds the EPS and CSE count by 375,000 shares. CIN does not silently repair those differences.
The Florida divestiture was deconsolidated effective April 1, with reported guarantee releases and no retained equity or funding obligation. Its accounting gain was noncash. The HEH transaction gives RWB 62.63% of HEH and indirect or effective interests in German and Colombian operations; these are not 100%-owned revenue claims. Additional borrowing used for HEH, the PD note and working capital shows expansion remained debt-dependent. The Ayurcann closing is retained as a dated transaction fact.
Conclusion: NotRated · held. CIN issues no current rating, price target, reference quote or upside. A qualified valuation requires corrected or reviewed statements, reconciled debt and share registers, parent-accessible cash, evidence supporting notes-receivable recovery, post-transaction consolidated accounts and a compatible dated quote.