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VANCOUVER, British Columbia, July 02, 2021 (GLOBE NEWSWIRE) — Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), a multi-state brand operator in California and Nevada, is pleased to announce that it has closed the previously announced acquisition of De Krown Enterprises LLC (“De Krown”), a California-based leading cannabis manufacturing partner and brand owner.
De Krown is led by a team of successful and tenured executives from the California cannabis space as well as proven entrepreneurs in various other fields. De Krown currently manufacturers for some of California’s premier cannabis companies including Pure Beauty, Next Green Wave, Kolas, Dahlia Capital, Cali Innovations, Smoakland, Kush Boys, Tyson Ranch and Viola.
Brandon Kou, CEO of Icanic Brands commented, “We are very excited to officially welcome De Krown into the Icanic family. The founding team’s expertise and experience are the perfect fit for our overall vision and will add significant value to our existing management team. De Krown will continue to manufacture for their impressive list of leading California brands while also serving as an additional manufacturing hub for our Icanic products including Ganja Gold. We are excited to bring our proprietary manufacturing technology and merge it with De Krown’s existing manufacturing process to further establish Icanic as a leading California cannabis manufacturer.”
Terms of Acquisition
Pursuant to the definitive agreement (the “Agreement”), and in consideration for the purchase of 100% of the issued and outstanding units of membership interest of De Krown (the “Transaction”), the Company will pay 1x of De Krown’s Revenue based on a 12 month earn out, the consideration will be paid in 100% common stock of the Company The Company also paid: (i) USD$315,625 cash to extinguish certain debt and to reimburse for certain