National cannabis holding company IONIC Brands (CSE: IONC) (OTC: ZRRRF), formerly Zara
Resources Inc., this morning announced the completion of the acquisition of
Vegas Valley Growers North (“VVG”). The total purchase price of the acquisition
is $8,870,000, comprised of a cash payment of $7,620,000 and 2,814,180 common
shares of the company, subject to approval by the Board of Directors and the
CSE. Located in Las Vegas, Nevada, VVG is a vertically integrated, cash flow
positive opportunity with a projected 2019 revenue of $6.6 million, expected
gross profits of $3.1 million and EBITDA of $2.0 million. The acquisition of
VVG includes the lease for a 1,700 square foot production facility on 3.42
acres of land and four state licenses in hand for cultivation and manufacturing
for both medical and recreational cannabis, which are being processed and are
anticipated to be granted in Q2 2019. VVG is presently building a 60,000 square
foot manufacturing facility that is expected to be completed in Q3 2019 and an
additional 80,000 square foot facility is planned for Q4 2019. IONIC Brands
expects to increase sales of IONIC branded products by leveraging off VVG’s
existing distribution pipeline and introduce several IONIC product SKUs to this
distribution channel. “The Nevada cannabis market is one of the cornerstone
markets in the U.S. for building cannabis brands. With over 42 million visitors
to Las Vegas per year, the VVG acquisition will provide our Ionic(TM) vape and
Zoots(TM) edibles brands valuable exposure to national and international
cannabis consumers,” IONIC Brands Chairman and CEO John Gorst stated in the
news release.
To view the full press release, visit http://ibn.fm/ssbfm
About IONIC Brands Corp.
IONIC Brands is a national cannabis holding company based in
Washington and led by a team of successful entrepreneurs. The company is
focused on building a multistate, consumer-focused cannabis concentrate brand
portfolio focusing on the premium and luxury segments. The cornerstone brand of
the portfolio, IONIC, is an accomplished No. 1 vaporizer brand in Washington
that has aggressively expanded throughout the West Coast of the United States
and is currently operating in Washington, Oregon and California. IONIC Brands’
strategy is to be the leader of the highest-value segments of the cannabis
market and expand nationally. For more information, visit the company’s website
at www.IONIC.social.
NOTE TO INVESTORS: The latest news and updates
relating to ZRRRF are available in the company’s newsroom at http://ibn.fm/ZRRRF
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