- Icanic Brands Company, Inc. (ICAN) has signed a definitive agreement to acquire 100 per cent of LEEF Holdings Inc
- LEEF is one of the largest cannabis extraction companies in the state of California
- Icanic Brands will acquire all the issued and outstanding shares of common stock of LEEF through a triangular merger
- The initial payment will either be US$120 million, or two times the yearly revenue of LEEF ending on September 30, 2021 (whichever proves to be higher)
- The acquisition is expected to be completed during Q1 2022
- Icanic Brands Company, Inc. (ICAN) is unchanged trading at $0.19 per share as of 3:11 p.m. EST
Icanic Brands Company (ICAN) has signed a definitive agreement to acquire 100 per cent of LEEF Holdings Inc.
LEEF is one of the largest cannabis extraction companies in the state of California.
Icanic Brands will acquire all the issued and outstanding shares of common stock of LEEF through a triangular merger.
The initial payment will be one of the higher options:
- A payment US$120 million
- Payment of two times the trailing 12-months revenue of LEEF for the period ending on September 30, 2021.
The closing will be satisfied in full through the issuance of common shares of Icanic Brands.
The issue price per share will be equal to the 30-day volume-weighted average trading price of Icanic Brand shares.
The acquisition is expected to be completed during Q1 2022.
LEEF’s manufacturing capabilities include a 12,000 sq. ft state of the art extraction and manufacturing facility with up to 45 tons of biomass throughput per month and up to 3,000 litres of distillate extraction capability per month.
LEEF also has an edibles production line and is in the process of building out a 45,000 square feet mid-stream processing facility.
LEEF also recently received another cultivation land use permit, which will make it the owner of one of the largest cannabis cultivation sites in California.
LEEF owns and operates several other brands within its portfolio.
Icanic Brands Company, Inc. (ICAN) is unchanged trading at $0.19 per share as of 3:11 p.m. EST.