LOS ANGELES, March 2, 2020 /PRNewswire/ -- International Cannabrands Inc. (CSE: INCB) (the "Company") CEO Steve Gormley publishes an open status letter to Shareholders.
2020 has already been a pivotal year for INCB's expanding footprint. As we continue to move forward, I wanted to take this moment to highlight some finer points of recent announcements as well as provide an update on what's next.
On February 13th, we announced a binding LOI with BioNeva Innovations of Carson City, LLC to acquire cultivation in Nevada*. Since this announcement, the deal has broadened to include a real estate component (related to BioNeva's facilities and operation) that further adds value. In light of the expanded agreement, we require additional due diligence to evaluate the property along with financial statements and a portfolio of licenses. As a result, we are now projecting a closing date of March 27th, 2020.
This acquisition is great news for INCB as we continue to execute against one of our chief mandates; acquiring interests in ancillary businesses that ensure product quality, supply continuity, and development agility while providing better EBITDA margins for our brands. These additional real estate assets are expected to show immediate benefit from a cash flow standpoint and will additionally support better margins further down the supply chain, facilitating even better numbers across the board.
On February 19th, we announced** the official launch of 'baseline', our first in-house developed CBD line offering full-spectrum, hemp-derived CBD + adaptogen formulations designed for a wellness-minded consumer. My team took this brand from concept to market inside of 4 months, and I couldn't be prouder of the finished product. Baseline is now available for purchase at www.baselinecbd.co, and will launch this week on Tokr (www.tokrcbd.com/baseline), a premium ecommerce marketplace that features top CBD brands and products.
Cannabis in 2020
The 2020 election cycle has brought about important conversations around cannabis policy and has shed much needed light on the movement's past and future impact. Parties aside, it is my very strong belief that ending marijuana prohibition is ethical, vital, and economically prudent.
In an article published last month, Paul Demko of Politco wrote, "Marijuana has been classified as a Schedule 1 controlled substance since 1970, placing it alongside LSD and heroin as the most dangerous drugs. In a stark reversal from the War on Drugs waged for decades under Republican and Democratic administrations, presidential candidates are now embracing full legalization." ***
In short, cannabis has surfaced as a major platform issue in this election, with nearly every democratic candidate calling for full federal legalization and expungement of past cannabis-related criminal convictions. This political shift, coupled with an industry consolidation after a tumultuous 2019, has led us into a defining era for the cannabis sector and for INCB. As we move closer to federal acceptance in the US, companies that demonstrate strategic advantages (a strong balance sheet; a diverse portfolio of IP, manufacturing, and distribution; and a clear path to profitability) will be well positioned for exponential growth. Strengthening these fundamentals within INCB continues to be our mandate as we progress further into the year.
Shareholders, as part owners of INCB, we welcome and encourage your participation. You represent a diverse consortium with wide-ranging expertise and we deeply value your insights and feedback. Please don't hesitate to reach out directly, and as always thank you for your loyalty and support.
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About International Cannabrands (ICI)
International Cannabrands is a CBD and cannabis focused brand portfolio, leveraging the potential of the plant by offering best of breed products that naturally complement today's consumer lifestyles. The Company's mission is to build and market a diversified portfolio of cannabis and CBD brands, with strategic manufacturing and distribution partnerships to support better EBITDA and margins. ICI markets products with THC content where that practice has been legalized at the state level through either medicinal or recreational use. ICI also markets products containing CBD in the US and internationally. The Company believes as the legal cannabis and CBD markets evolve, high-quality, unique products will increasingly capture market share and provide a valuable platform for growth.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Disclaimer concerning Forward-looking Statements
Certain statements included herein may constitute "forward-looking statements" relating to the implied timing and execution of the Company's business strategy, 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.
International Cannabrands Contact:
Chief Executive Officer
International Cannabrands, Ltd.
12655 W Jefferson Blvd, Los Angeles, CA, 90066
Ph: (323)-828-4321 or [email protected]
Investor Relations Contact:
The Howard Group
#350, 318 - 11 Avenue SE Calgary, AB T2G 0Y2
Ph: (403)-221-0915 or [email protected]
Media Inquiries: [email protected]
SOURCE International Cannabrands Inc.