On December 24, 2025, Cizzle Brands Corporation has completed the acquisition of all issued and outstanding shares of Flow Water Inc. from RI Flow Sub LLC for approximately $83.75 million, subject to customary post-closing adjustments. The transaction was funded through a comprehensive financing package comprising a senior secured credit facility from Orion Infrastructure Capital (OIC), a vendor take-back loan and two non-brokered private placements. The OIC facility provides AcquireCo, Cizzle's indirect subsidiary, with US$40 million (C$54.7 million) plus an additional US$10 million (C$13.7 million) available, bearing 12% interest over five years. The package also includes a one-year, $22.25 million vendor take-back note at 12% interest, $4.725 million in equity unit financing and $7.5 million of 7.2% convertible notes.

Immediately prior to closing, Flow's branded CPG assets and IP were transferred to a vendor-owned entity, leaving Cizzle with the beverage co-manufacturing business, to be renamed Cizzle Brands Manufacturing Inc. On a pro forma basis, the manufacturing business is expected to contribute $21.5 million of revenue in the second half of fiscal 2026 and $46.5 million in 2027, supporting projected consolidated revenues of $41 million and $75 million, respectively. Bennett Jones LLP and Jenner & Block LLP advised Cizzle, Stifel Nicolaus Canada Inc. acted as financial advisor, and Miller Thomson LLP, Greenberg Traurig, LLP and Stikeman Elliott LLP advised the vendor and OIC.