- Icanic Brands Company (ICAN) has signed a non-binding letter of interest (LOI) to acquire DNA Organics (Lifted Organics)
- Under the terms of the LOI, the purchase price will consist of an upfront payment and earn-out payments
- Through the acquisition, the company will utilize Lifted Organics’ raw inputs to power Icanic’s existing extraction lines
- Lifted Organics is a California-based cannabis company
- Icanic Brands Company Inc. is a cannabis branded products manufacturer based in California
- Icanic Brands Company Inc (ICAN) opened trading today at $0.105
Icanic Brands (ICAN) has signed a non-binding letter of interest (LOI) to acquire DNA Organics (Lifted Organics), a California cultivator and manufacturer.
Under the terms of the LOI, the purchase price will consist of an upfront payment at closing and earn-out payments.
Icanic Brands will utilize Lifted Organics’ raw inputs to power the company’s extraction lines and integrate raw inputs from Lifted Organics into Icanic’s higher-margin branded portfolio.
In addition, the acquisition will strengthen business-to-business relationships through the ability to offer Icanic’s partners additional supply chain. It will also consolidate operating expenses onto Icanic’s existing team to improve efficiencies
Lifted Organics is a California-based cannabis company specializing in cultivation and solventless manufacturing.
“With the addition of the 20 acres to our supply chain, it will allow Icanic to expedite our dedication to providing industry best gross margins on our internal brand portfolio while being able to offer a more robust solution to our brand manufacturing partners who are some of the largest companies in the state,” stated Brandon Kou, CEO of Icanic Brands.
“We are excited at the prospect of joining the Icanic team,” noted Dave Doriot, CEO of Lifted Organics.
“Over the past 18 months we’ve seen them hard at work, aligning the right industry segments in efforts to streamline high quality production that will positively impact consumer experience across the board,” he added.
The company further announces that it will issue an aggregate of 3,764,858 common shares in accordance with the terms of its previously announced acquisition of THC Engineering, LLC.
Icanic Brands Company Inc. is a cannabis branded products manufacturer based in California, the largest cannabis market in the world.
Icanic Brands Company Inc (ICAN) opened trading today at $0.105.
