DENVER, CO / ACCESSWIRE / August 14, 2019 / International Cannabrands Inc. (CSE:JUJU)(OTC Pink:GEATF) (the “Company”) is pleased to announce that it has received its first distribution from Riotus SODO LLC ("RIOTUS"), an entity in which it holds an investment (20.6%), in the amount of $12,990 USD.
Further to its press releases dated August 16 and 29, 2018, the Company made an investment of $500,000 in RIOTUS, and expected to see cash flow from this investment beginning in the second quarter of 2019. The Company received its first payment for July (a partial payment) and expects to receive monthly cash distributions. The Company will report the aggregate distributions it receives from its investment in RIOTUS going forward on a quarterly basis. The investment continued the Company’s strategy of investing in accretive cannabis companies within distribution and attractive “pinch points” in the cannabis value chain.
Steve Gormley, CEO commented: “We are extremely pleased that RIOTUS continues to reach milestones on time and under budget, and that it has met its projected distribution date. We expect that this investment will continue to materially increase the Company’s earnings and contribute to our overall goal of generating positive cash flow from operations. Additionally, RIOTUS provides a valuable platform for our brands’ potential expansion going forward.”
Additionally, the Company wishes to announce it has engaged The Howard Group as its capital markets communications advisor to assist with both traditional and online initiatives targeting institutional and retail investing groups as well as the larger investment community.
The agreement is for three months effective August 1, 2019 and will be renewable quarterly afterwards. The remuneration payable to The Howard Group will be $7,500 per month. In addition, The Howard Group has been granted 250,000 options, vested over a period of three months with a three-year term and an exercise price of $0.07 per share.
Since 1988, The Howard Group has provided comprehensive investor outreach and capital markets programs, financing assistance, business development solutions and strategic planning to public companies. In addition, The Howard Group Inc. will be providing an ongoing commentary on International Cannabrands’ activities through its Insight blog. Interested parties are encouraged to subscribe to the commentary feed: https://howardgroupinc.com/howard-group-blog/.
About The Howard Group
The Howard Group has been operating in Alberta Canada since 1988. They provide Corporate Communication and Capital Market services for micro and small-cap companies. Their multi-disciplined team has extensive backgrounds ranging from new media marketing through finance and journalism provide companies with the strategic direction and exposure to successfully target investment audiences.
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.
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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 timing and estimated distributions from Riotus, 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.