International Cannabrands Provides Update on Strategy and Corporate Matters
Calgary, Alberta (FSCwire) - International Cannabrands Inc. (CSE:JUJU.A) (the “Company” or “ICI”). On August 18, 2018, the Board of Directors of ICI held its quarterly Board of Directors meeting. The full Board attended in person as well as select independent advisors and contributors. The agenda was a fulsome one with the main items being discussion of 2nd quarter results, recent expense reduction initiatives, the refresh and relaunch of the Julian Marley JuJu Royal™ brand and the current acquisition pipeline.
After reviewing strategic alternatives and discussing the cannabis market evolution, the Board formally approved ICI’s strategy of aggregating emerging brands, regional distribution companies and select, highly profitable value chain investments.
“This was my first official Board Meeting as CEO. It was truly gratifying and energizing to have the Board so engaged, so supportive and ready to contribute in all aspects of our journey. I believe we have a unique strategy and the spirit and people to make it happen.” – Steve Gormley, CEO.
The Board unanimously approved the JuJu Royal brand strategy and first generation actions to aggressively expand distribution and consumer sales. Travis Belcher, President of JuJu Royal, led a detailed review of the compliant packaging refresh, specific activities to expand sales and distribution and a heavy fall/winter promotions schedule in key product lines.
“The team is excited about the opportunity to capitalize on our recent momentum. Having a live Julian Marley tour and several new, energetic distributors provide us an amazing foundation to make a huge impact with consumers over the remainder of the year and into 2019.” – Travis Belcher, President JuJu Royal.
ICI’s Board engaged in an update on the La Vida Verde transaction status, which ICI fully intends to close in the near future, and a detailed discussion around the potential to fully exploit the Riotus LLC investment, both in terms of valuable earnings contributions in 2019 and potential leverage into new state distribution relationships. The Board unanimously approved employing all efforts to get both opportunities closed and to continue to expand the investment pipeline.
“ICI has long had a vision of being a home to entrepreneurial brands and distributors. Sometimes it takes a little longer than you’d like to get the traction a business needs. It really feels like we have that now in full.” – Jeff Britz, Chairman.
The Board was updated on two important financial initiatives: reducing corporate expenses as a percentage of sales to increase available investment to brand performance and tightening inventory controls to increase turnover and enhance return on assets.
“As ICI continues to expand its businesses, having solid transparency in financial performance and strong procedures will help us manage and report to investors.” Steve Gormley, CEO.
The Board expects to increase its investor and business community communications going forward and looks forward to the anticipated success of the numerous efforts underway.
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 ICI 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 is continuing to work with Julian Marley to identify and develop future strains of marijuana that meet Julian’s exacting standards. 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
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Source: International Cannabrands Inc. (CSE:JUJU.A, OTC Bulletin Board:GEATF)
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