The acquisition will be paid in stock.
Icanic Brands Company, Inc. (CSE: ICAN) (OTCQB: ICNAF) announced plans to acquire The Leaf, a luxury boutique dispensary in Palm Desert, California.
Under the accord, Icanic will acquire The Leaf for a price tag based on the dispensary’s trailing twelve months of revenue calculated on the closing date.
Iconic said the purchase price would be payable in stock based on the 10-day volume-weighted average cost of the company’s common shares trading on the Canadian Securities Exchange. Iconic stock has been trading at $0.09, down 57% year-to-date.
“The acquisition of The Leaf marks our first step in our corporate strategy of becoming a vertically integrated entity, which we plan to achieve through organic growth and tactical acquisition,” said Iconic Brands CEO Micah Anderson. “We have built a foundation of significant supply chains, robust and sophisticated manufacturing capabilities, and industry-leading brands; The Leaf marks our continued advancement in furthering our retail footprint.”
The Coachella Valley dispensary opened in 2019 under the late R.D. Hubbard, a former chairman of a local country club.
“I was fortunate to have spent time with the inspirational entrepreneur R.D. Hubbard. Dee (R.D.) supported both LEEF Holdings and me before his passing in 2020, so it’s an honour to continue with his shared vision of building a high-quality cannabis company,” Anderson added.
Hubbard bought the El Paseo property for $1.7 million, the Desert Sun reported at its opening.
“We look forward to partnering with Micah and Iconic Brands to further our goals in the cannabis industry,” said The Leaf’s president, Edward Burger.
Iconic said it would use its cultivation, manufacturing, and co-packing services to develop The Leaf’s house brands.
The company plans to launch a new direct-to-consumer strategy for its brands such as Real Deal Resin, Ganja Gold, Heady, and Taylors, offering “the convenience of online ordering with direct-to-your-door delivery and unrivalled unboxing experience.”
“I believe this business combination will enhance our presence and allow The Leaf to continue to grow and serve our customers in the Palm Desert area,” the store’s general manager, Paul Cotterell, said.
Disclaimer: https://www.greenmarketreport.com/icanic-brands-to-buy-coachella-valley-boutique-dispensary/
Posted by: Times Of Hemp, TOH, #TOH, #TimesOfHemp, https://www.timesofhemp.com
