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| 10 minutes ago DENVER, CO / ACCESSWIRE / May 22, 2019 / International Cannabrands Inc. (CSE: JUJU) (the "Company") is pleased to have released the recently completed financial statements for La Vida Verde, Inc. ("LVV") - the northern California family of brands including La Vida Verde, Blank Brands and Skunkfeather. ICL acquired 51% of LVV in January 2019 for $6 million comprised of $3 million of cash and $3 million of common equity. For the calendar and fiscal year 2018, LVV generated $13.8 million in revenue, $2.5 million in gross margin, $1.6 million in Income from Operations and Net Income of $1.1 million. The financial statements of LVV have been filed as a schedule to the Company's Business Acquisition Report dated May 3, 2019, as amended and restated May 14, 2019, which is available on SEDAR at www.sedar.com. "We are tremendously pleased to have completed the La Vida Verde investment as projected and proud of the strong performance in the business. Our intention is that LVV will continue its growth through its family of brands and to also act as an increasingly important beachhead for all ICL brands in northern California" shared Steve Gormley, CEO of ICL. In addition LVV received its Annual Manufacturing License in California to April 2020. Bryce Berryessa, President of LVV explained: "There was a very low barrier to entry for temporary licenses in California, all you needed was local authorization. The bar for annual licenses is much higher as it requires intense disclosures, validation of processes, and multiple inspections by state officials. It is our expectation that many of the companies that received temporary licensing will not make it through to annuals." "ICL has already invested additional funds into LVV for equipment and personnel which is expected to more than double the manufacturing capacity of LVV. Further, we have helped fund the material expansion of the LVV sales team with a new VP of Sales, a full sales team and brand ambassador team targeting new dispensaries and a fully refreshed online presence. We believe these investments have the potential to increase gross margins through greater efficiencies and to substantially bolster revenue growth," added Mr. Gormley. LVV brought its expanded sales and marketing resources online at the end of the first quarter as part of its effort to replace an underperforming distributor relationship and to embark on a new distribution arrangement with Nabis announced early May (see press release dated May 6, 2019). Together, management believes it can materially increase market share in existing and new territories within California while enhancing profitability beginning in the second quarter of 2019 Read more at https://stockhouse.com/news/press-releases/2019/05/22/international-cannabrands-announces-2018-audited-financial-results-for-la-vida#4qugbjvWCwLvyrUB.99