CALGARY, AB / ACCESSWIRE / August 6, 2019 / International Cannabrands Inc. (CSE:JUJU) (the “Company” or “ICI”) shared CEO Steve Gormley’s letter to Shareholders.
I have done a few International Cannabrands CEO letters since I have been introduced as CEO just over a year ago. I have been asked by valued investors if I could start writing these letters regularly (at least every quarter). Feedback was generally positive about the letters, so to that question, I responded with an enthusiastic “yes”!
We recognize press releases and news outlets may not be enough to fully process the positivity of the deals, partnerships, new management team, sales and distribution additions we have made that are now in place and are planned for the future, so me and my team want to make sure you receive this personal and detailed letter from us as often as necessary. We are committed to improving communication with our shareholders and will be implementing various ways to connect with you better.
We continue to execute on our mandate and will have more to report in the coming days, but first I have to acknowledge those of you who have held onto to your positions despite a significant depreciation in share price. On behalf of the Company, its Board and its Management team, I want to thank you for being shareholders and for support. As CEO, I remain committed to creating enterprise value for the Company, to generating shareholder value and to executing the Company’s mission to aggregate world-class cannabis brands that generate earnings. It is ICI’s goal to become a brand leader of cannabis.
I am committed to transparency and to remaining accessible to shareholders. I would like to invite any and all of you to reach out to me to talk about your concerns, suggestions and ideas for the Company. I am grateful for the feedback I have received from shareholders and for your candor. I have had the privilege of getting to know some of you. I encourage you to continue to ask the tough questions and support you in your quest to learn more about the Company.
The markets have been capricious in 2019. The past couple of months have been particularly difficult for cannabis stocks. International Cannabrands believes that in order to prevail, regardless of market conditions, the Company must be built on a foundation of strong fundamentals. That is why we are continuing to execute a business plan that grows the Company’s current core assets, La Vida Verde and JuJu Royal, while pursuing a strategy of aggregating world class mid-sized brands as well as cannabis businesses like manufacturing and cultivation that support better EBITDA margins for our brands.
Since my last letter in the Fall, the Company has grown significantly. Last winter the Company executed a CDN$5 million dollar financing co-led by Gravitas and Canaccord. International Cannabrands was one of only a hand full of companies to complete its financing goal in an otherwise historically poor market.
As a result of the company’s successful raise, International Cannabrands was able to execute its acquisition of the La Vida Verde family of brands. The Company also deployed working capital into La Vida Verde to help acquire state of the art manufacturing and production equipment and to scale production and create new product offerings.
International Cannabrands hired, Jesse Meighan as Chief Marketing Officer, Alison Bryce as Chief Operating Officer, Cory Kite as Vice President of Sales for La Vida Verde, Bethany Stiles, Vice President of Sales for International Cannabrands and Julie Brooks, Chief Operating Officer for La Vida Verde. In my personal opinion we have assembled THE BEST TEAM in cannabis. These professionals have tremendous experience and extensive networks in the industry.
Since my last letter International Cannabrands has signed three major distribution deals, has hired one of the top design firms to revamp the Company’s online assets and to create e-commerce portals for our burgeoning CBD business. These are exciting times!
Just last week the Company announced that La Vida Verde generated 44.7% growth in Q2 2019 revenue over Q1 2019 (see press release dated July 29, 2019).
JuJu Royal continues to generate increased sales month over month while refining its product offering and promoting the new packaging and products created in 2019.
I am happy to report that the Company continues to push forward despite difficult market conditions. Please don’t hesitate to reach out to me directly as mentioned earlier. Stay tuned. The future is bright.
International Cannabrands Contact:
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Disclaimer concerning Forward-looking Statements
Certain statements included herein constitute "forward-looking statements" relating to the business of the Company, within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Additional risks and uncertainties regarding the Company are described in its publicly-available disclosure documents filed by the Company on SEDAR (www.sedar.com). The forward-looking statements contained in this news release represent the Company's expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. Except as required by law, the Company does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
SOURCE: International Cannabrands Inc