Business combination Terminated… 2022-01-18 17:30 ET - News Release
Mr. John Gorst reports
IONIC BRANDS TERMINATES LETTER OF INTENT FOR BUSINESS COMBINATION WITH A CANADIAN LICENSED PRODUCER
Ionic Brands Corp. has terminated the letter of intent for a business combination with a Canadian licensed producer as previously announced on Dec. 19, 2021. The parties failed to reach mutually agreed to terms to form a legally binding agreement.
John P. Gorst, Ionic Brands chairman and chief executive officer, said: "I remain optimistic about other future opportunities, in addition to continuing to build out Ionic Brands, and, more importantly, we will continue to aggressively pursue business combinations that are accretive to building shareholder value." Further, Mr. Gorst states: "Ionic is dedicated to building a regionally based multistate consumer-focused cannabis concentrate brand portfolio with strong roots in the premium and luxury segments of vape concentrates and edibles. The cornerstone brand of the portfolio, Ionic, is a top vaporizer brand in Washington State along with its economy brand Dabulous, and has aggressively expanded throughout the Pacific Northwest of the United States. The company is currently operating in Washington and Oregon. Ionic's strategy is to be the leader of the highest-value segments of the cannabis market."