National cannabis holding company IONIC Brands (CSE: IONC) (OTC: ZRRRF), formerly Zara
Resources Inc., on Wednesday announced that it has entered into a Letter of
Intent (“LOI”) to acquire British heritage brand Astleys of London HK Limited.
Founded in 1862, Astleys was a luxury tobacco pipe purveyor in London that has
recently been relaunched as a contemporary cannabis vape brand. Through a
strategic collaboration, IONIC’s high-quality cannabis oil will be used in
Astleys’ three vaporizer devices. IONIC will purchase Astleys’ portfolio of
international intellectual properties and retain the brand’s principal
management team as part of the acquisition. Subject to definitive
documentation, the total purchase price of $17.8 million will be comprised of a
cash payment of $1 million upon closing of the transaction, the issuance of common
shares equal to $6.8 million and an additional $10 million to be earned out
upon accomplishing milestones detailed in the definitive agreement. “While the
Astleys of London brand is highly strategic to our overall position in the
cannabis industry, we must also consider the deep economic benefits realized by
the higher gross margins related to the Astleys luxury brand. We also expect a
margin lift for IONIC’s current premium product lines from the increase
exposure of the Astleys historic brand,” IONIC BRANDS Chairman and CEO John
Gorst stated in the news release.
To view the full press release, visit http://ibn.fm/R4BN8
About IONIC Brands Corp.
IONIC Brands is a national cannabis holdings 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
State 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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