INDVR Brands Inc (CSE:IDVR) (OTCMKTS:CAAOF) (FRA:3YX) reported that it has agreed to acquire “substantially all” of the assets of Nevada-based Strainz Inc and Colorado-based Bronnor, Corp, which will allow INDVR to become a fully-licensed manufacturer and distributor of infused products in Colorado.
INDVR said the pending acquisition will give it access to a distribution platform of more than 500 dispensaries in Colorado and Nevada, including over 1,200 dispensaries across four states.
“This is a milestone relationship for us. In addition to a highly sought-after Colorado processing license, the Strainz, Bullet Concentrates and 7Sacred brands significantly expand INDVR’s award-winning portfolio of adult-use cannabis products and add HEMP derived products to the portfolio,” INDVR Brands CEO Joshua Mann said in a statement.
He added: “The agreement also exemplifies our dedication to INDVR shareholders through becoming a fully licensed cannabis-infused products operator in Colorado.”
Included in the asset purchase is a fully-licensed, 25,000 square foot cannabis processing and manufacturing facility in Denver capable of producing edibles, tinctures, vapes, concentrates, soft gels and several other infused cannabinoid products.
The company will also acquire three existing high-profile THC and CBD brands: Strainz (consisting of THC-CBD ratio tinctures in the regulated THC marketplace and full-spectrum and Iso spectrum CBD soft gels, tinctures, and pet tinctures in the HEMP marketplace); 7sacred edibles and Bullet Concentrates.
INDVR noted that it will acquire the assets in consideration for 13.7 million of the company’s Class B Super Voting shares.
Following the completion of the assets purchase, INDVR will be led by:
Joshua Mann as CEO and Chairman of the Board of Directors; Hugh Hempel, Co-Founder of Strainz, as President and COO, reporting directly to the Board of Directors; Jordan Shapiro as Executive VP of Business Development and Director; Darcy Campbell as CFO; and Alnoor Nathoo as Director.
INDVR Brands, formerly