CEO of International Cannabrands Publishes Open Letter to Shareholders
Calgary, Alberta (FSCwire) - International Cannabrands Inc. (CSE:JUJU.A; FSE:31G; US OTC:GEATF) (the “Company”) is pleased to share our new CEO’s letter to shareholders.
I am writing to share my excitement about the future of International Cannabrands (ICI). I will be releasing shareholder updates on a regular basis going forward and invite you to follow our progress as we execute the Company’s mission.
On July 9 the Company announced an amendment to its Letter of Intent with La Vida Verde (LVV). As the company stated in that announcement, the aggregate acquisition cost to the Company for 51% of LVV, including the requirement to invest expansion capital, is $8,000,000, and will include $3 million of voting shares of the Company at a price based on the average closing price for the 20 trading days prior to signing the definitive agreement, with a maximum price of $0.20. In addition, a mutual option to acquire an additional 24% of LVV has been agreed upon. As before, the Sellers will continue to be employed by LVV and will continue to operate, manage and grow the business. The other terms remained substantially the same including the requirement for the Company to provide $2 million of expansion capital (included in the $8 million acquisition cost) and the distribution by LVV of the Company’s JuJu Royal™ product lines in California.
I am happy to report that the Company is in the midst of negotiating the definitive agreement with LVV and I am bullish that we will execute shortly. Our intention is that LVV will be the first in a series of accretive, highly valuable investments and acquisitions. ICI focuses on acquiring micro brands and highly profitable operations in the cannabis space. The Company will look to partner with entrepreneurs with proven track records and sound financials. ICI has a robust and synergistic acquisition pipeline that management feels will augment and grow the LVV and Juju Royal Brands.
On June 20, 2018 Prime Minister Justin Trudeau announced that Canadians will be able to consume marijuana recreationally without criminal penalties starting on Oct. 17, 2018. Canada is only the second country in the world – and the first G7 nation – to implement legislation to permit a nationwide marijuana market. South of the border in the US, nine states and the District of Columbia now allow for recreational marijuana use, and 30 allow for medical use.
Management at ICI believes that this historic transition will create tremendous value for publicly traded and private held cannabis businesses with strong fundamentals. We believe Canada’s thriving business friendly cannabis market will have a positive effect on the US market and that Canada will serve as a litmus test for law makers and voters in the US.
The future is bright at ICI. I look forward to sharing good news in the weeks and months to come.
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.
About JuJu Royal
Julian Marley conveys his message of legalization, freedom, and love through the JuJu Royal brand, a line of naturally produced medicinal herbs using the best solventless technology. One percent of proceeds are distributed for the benefit of veterans using cannabis through the Weed for Warriors Project. More information about the brand and various products can be obtained at www.jujuroyal.net. International Cannabrands Ltd is continuing to work with Julian Marley to identify and develop future strains of marijuana that meet Julian’s exacting standards. The Company is continuing to conduct research and development with certain origin genetics to produce additional signature Julian Marley strains for the JuJu Royal Premium Marijuana collection. The intent is to make these strains available to dispensaries and caregivers on a worldwide basis where it is legal.
International Cannabrands Contact:
Steve Gormley CFN Media Contact:
Chief Executive Officer Frank Lane (206) 369-7050
1045 Lincoln Street, #106 firstname.lastname@example.org
Denver, Colorado 80203
Ph (323) 828-4321 or email@example.com
Media Inquiries: firstname.lastname@example.org
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR THEIR REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Source: International Cannabrands Inc. (CSE:JUJU.A, OTC Bulletin Board:GEATF)
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