NEWS 🚀: La Vida Stake Acquisition Completed
11:13 ET - News Release Mr. Steve Gormley reports INTERNATIONAL CANNABRANDS COMPLETES ACQUISITION OF 51% OF CALIFORNIA MANUFACTURER, LA VIDA VERDE Further to its press release dated Dec. 7, 2018, International Cannabrands Inc. has completed the second closing event to acquire a 51-per-cent equity interest in La Vida Verde Inc. (LVV). La Vida Verde is a highly respected branded cannabis product manufacturer and distributor based in Santa Cruz, Calif. The business has powerful growth prospects due to its family of brands including Skunk Feather concentrates, organic LVV edibles and other cannabis products. La Vida Verde was founded and is run by Bryce Berryessa and Eric Hara, two of the most respected veterans of the cannabis industry in California. Pursuant to the definitive agreement dated September 19, 2018 (the "Definitive Agreement"), as amended, the Company made an aggregate capital contribution of US$1.3 million to LVV, issued 25,225,161 Common Shares of the Company to the holders of LVV and promissory notes for an aggregate of US$2,000,000 due as to 50% on March 31, 2019 and 50% October 31, 2019. The notes bear interest at a rate of 5% per annum and are secured by a pledge of the portion of the securities represented by the amounts owing. The Common Shares are subject to a restriction in that the holders have agreed that without the express written consent of the Company, no more than 50% may be sold in the calendar year 2019 with the balance only saleable in 2020 or after In addition, pursuant to the Definitive Agreement a subsequent US$700,000 capital investment is contemplated to be made in April 2019. In addition, under the Definitive Agreement, one of either Eric Hara, Bryce Berryessa (or their nominee) is expected to join the Board of Directors of the Company, and Steve Gormley will join the Board of LVV. The capital investments in LVV supported an expansion of sales and operations staff, inventory required by rapid growth and to expand manufacturing capacity. About International Cannabrands (ICI) ICI acquired the exclusive rights to Julian Marley's JuJu Royal™ brand. ICI currently generates revenue from licensing brands to growers, edible manufacturers, oil extractors, producers of ancillary products and apparel in the United States where cannabis has been legalized at the state level, as well as products containing CBD in the US and internationally. ICI intends on acquiring micro brands with highly profitable operations in the cannabis space. The Company believes as the market becomes saturated with products varying in potency and quality, that the branded products will rise to the top and the Company intends to exploit all opportunities available to realize the full value of the Julian Marley brand and other brands. We seek Safe Harbor. 2019 Canjex Publishing Ltd. All rights reserved.