LOS ANGELES, May 19, 2020 /PRNewswire/ — International Cannabrands Inc. dba Radiko Holdings (CSE: RDKO) (the “Company“) wishes to announce its 51% subsidiary La Vida Verde, Inc. (“LVV“) has entered into an agreement with the Company’s wholly owned subsidiary DB3 Management, LLC relating to the operation of the Carson City, Nevada cultivation (the “Facility”) effective immediately.
Steve Gormley, CEO of the Company commented: “Engaging LVV as a partner in our latest acquisition allows us to utilize our expertise across our assets and create an alignment of interests within our organization. The LVV team brings extensive experience in cannabis cultivation, extraction, retail, and product development, as well as vast experience in manufacturing, logistics, and distribution. We expect this collaboration will ultimately lead to additional opportunities to operate as partners on future acquisitions.”
The agreement provides for a phased approach with LVV initially being responsible for sales of cultivated products beginning with the first harvest (currently underway). After the LVV team becomes more familiar with the operation, they will provide management consulting services in order to optimize production and operations, as well as oversight of genetic selection, marketing and branding of products, and go-to-market strategy. The final phase is expected to see LVV assume full responsibility for the Facility in all aspects.
Julie Brooks, CEO of LVV, concluded: “We’re thrilled to welcome BioNeva to the Radiko/LVV family. This is a fantastic opportunity for all of the partners involved, and we look forward to collaborating on safe, beneficial, and accessible products for all to enjoy.”
Additionally, further to the release dated May 11, 2020*, the Company completed the final piece of its acquisition of the Carson City cultivation, namely the land leased by the cultivation operations. The Company entered into an agreement to purchase approximately one acre of land on which the cultivation