IONIC Brands (CSE: IONC) (OTC: IONKF) (FRA: IB3) this
morning announced the successful completion of its acquisition of
Washington-based Natural Extractions, Inc. d/b/a Zoots Premium Cannabis Infused
Edibles. The total consideration for the purchase of Zoots is approximately US
$11 million, comprised of US $855,000 cash and issuance of 9,635,150 common
shares at C$1.30 per share to the vendors of Zoots, and the assumption of US
$606,420 in outstanding debt. Additionally, the vendors have agreed to a
lock-up agreement whereby up to 70% of the consideration shares are released
over nine months. IONIC will also issue to the shareholders of Zoots up to 4.8
million common share purchase warrants that are exercisable over three years
with an exercise price of C$1.33 per share. The issuance of shares is subject
to approval by the board and the CSE. “Ionic Brands has been working closely
with the Zoots leadership team to integrate companies and transition the Zoots
line of handcrafted and trusted edible products. Our top-rated Ionic vaporizer
pen targets consumers interested in luxury cannabis products that can be
discreetly consumed which make Zoots edibles a natural fit for our brand
strategy. The Zoots acquisition expands our market segments to the popular
edibles space and expands our distribution network throughout the United
States. We are also very pleased to have Mr. Dan Devlin continues as the
company’s Chief Operating Officer,” IONIC BRANDS Chairman and CEO John Gorst
stated in the news release.
To view the full press release, visit http://ibn.fm/tAfDC
About IONIC Brands Corp.
IONIC Brands is focused on building a multi-state
consumer-focused cannabis concentrate brand portfolio focusing on the premium
and luxury segments. The cornerstone brand of the portfolio, IONIC, is the No.
1 vaporizer brand in Washington State and has aggressively expanded throughout
the West Coast of the United States. The brand is currently operating in
Washington, Nevada, 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 IONKF are available in the company’s newsroom at http://ibn.fm/IONKF
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