DENVER, CO / ACCESSWIRE / August 8, 2019 / International Cannabrands Inc. (CSE:JUJU)(OTC:GEATF) (the “Company”) is pleased to announce that it has signed a letter of intent (“LOI”) with Albert Einstone's LLC (“AE”), a fully-licensed, vertically integrated California cultivation, distribution and manufacturing company with state-of-the-art indoor warehouses in downtown Los Angeles.
Steve Gormley, CEO shared: “My team and I are extremely pleased to be partnering with AE and we’re extraordinarily impressed with their pristine facility and highly sophisticated operation. This extension of our manufacturing capabilities and brand distribution footprint should be a significant contributor to our earnings going forward.”
In addition to white-labeling, AE also manufactures and distributes its own branded cannabis products including El Blunto; a line of prerolls and related products. They are also looking to launch an exciting entry into the CBD beverage category and are currently approaching $1M in yearly revenue with more products in the pipeline.
The LOI provides that the Company will acquire 50.5% of AE and the parties will work to sign a definitive agreement within 75 days. The Company has the exclusive right to deal with AE until the LOI is terminated. Closing is conditional upon completion of due diligence and the Company securing the necessary financing to close the transaction. The investment into AE will go directly towards expanding capacity to further fuel growth.
The Company continues to execute against its strategy of acquiring select, highly profitable value chain investments to facilitate brand growth, enhance margins and bolster cash flow. The Company believes that processing and manufacturing - sourced or in-house - are the bedrock of differentiation and brand quality, and that the market demands consistent products and reliable supply. Having access to a multi-licensed facility in the heart of Los Angeles will be an invaluable asset for sourcing, manufacturing, distribution for current assets JuJu Royal and La Vide Verde, as well as any future brands the Company acquires.
About Albert Einstone's
Albert Einstone's is a fully licensed cannabis distribution, cultivation, and manufacturing facility in Los Angeles, CA, in operation since 2017. Through an extensive network of clients, they distribute and sell white-labeled, branded products manufactured in their indoor 4,000 sq ft cultivation facility using state-of-the-art technology and fully organic materials. They offer secure storage and transportation and delivery of inventory throughout the state of California and have partnered with top labs to offer clients quicker access to test results. The Albert Einstone’s team has vast experience in a variety of different industries, and they are focused on consistency, transparency, and accessibility.
About International Cannabrands (ICI)
ICI's strategy centers on acquiring micro brands, distribution and specific manufacturing/cultivation companies in the cannabis space. The Company's business model is to generate revenue from cannabis cultivation, brands ranging from flower to edibles and from THC to CBD, oil extraction, ancillary products and apparel in the United States. ICI markets products with THC content where that practice has been legalized at the state level through either medicinal or full recreational use. ICI also markets products containing CBD in the US and internationally. ICI owns 51% of La Vide Verde, Inc. and has the exclusive rights to Julian Marley's JuJu Royal™ brand. The Company believes as the legal cannabis market evolves, high-quality, unique products will increasingly capture market share and provide a valuable platform for growth.
International Cannabrands Contact:
Steve Gormley Chief Executive Officer 1045 Lincoln Street, #106 Denver, Colorado 80203 Ph: (323) 828-4321 or [email protected] Media Inquiries: [email protected]
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 obligations and timing under the LOI with AE, 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.