LOS ANGELES, May 19, 2020 /PRNewswire/ -- International Cannabrands Inc. dba Radiko Holdings (CSE: RDKO) (the "Company") wishes to announce its 51% subsidiary La Vida Verde, Inc. ("LVV") has entered into an agreement with the Company's wholly owned subsidiary DB3 Management, LLC relating to the operation of the Carson City, Nevada cultivation (the "Facility") effective immediately.
Steve Gormley, CEO of the Company commented: "Engaging LVV as a partner in our latest acquisition allows us to utilize our expertise across our assets and create an alignment of interests within our organization. The LVV team brings extensive experience in cannabis cultivation, extraction, retail, and product development, as well as vast experience in manufacturing, logistics, and distribution. We expect this collaboration will ultimately lead to additional opportunities to operate as partners on future acquisitions."
The agreement provides for a phased approach with LVV initially being responsible for sales of cultivated products beginning with the first harvest (currently underway). After the LVV team becomes more familiar with the operation, they will provide management consulting services in order to optimize production and operations, as well as oversight of genetic selection, marketing and branding of products, and go-to-market strategy. The final phase is expected to see LVV assume full responsibility for the Facility in all aspects.
Julie Brooks, CEO of LVV, concluded: "We're thrilled to welcome BioNeva to the Radiko/LVV family. This is a fantastic opportunity for all of the partners involved, and we look forward to collaborating on safe, beneficial, and accessible products for all to enjoy."
Additionally, further to the release dated May 11, 2020*, the Company completed the final piece of its acquisition of the Carson City cultivation, namely the land leased by the cultivation operations. The Company entered into an agreement to purchase approximately one acre of land on which the cultivation operations reside, as well as a right of first refusal on an adjoining one acre parcel in Carson City, NV, that will provide the opportunity for further expansion of the operation as growth demands. The Company issued 17,727,866 common shares and agreed to pay US$150,000 in cash over six months starting July 15, 2020. The common shares will remain in escrow until the final payment is received by the vendors.
*See Radiko Holdings Announces Closing of Transaction with BioNeva in Nevada
(Direct link: https://www.prnewswire.com/news-releases/radiko-holdings-announces-closing-of-transaction-with-bioneva-in-nevada-301056640.html)
About Radiko Holdings
International Cannabrands Inc. dba Radiko Holdings (RDKO) 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. RDKO markets products with THC content where that practice has been legalized at the state level through either medicinal or recreational use. RDKO 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.
About La Vida Verde, Inc.
La Vida Verde ("LVV") is a US-focused, consumer packaged goods (CPG) company operating in the California cannabis industry since 2015. LVV comprises three premium brand lines; La Vida Verde, Skunk Feather Cannabis™, and Blank Brand™. Each brand speaks to a unique audience and offers a curated product mix, all sharing the LVV heritage. La Vida Verde, LVV's flagship brand is built on the belief that "the best medicine starts with the food you eat," and offers a range of cannabis-infused edibles and tinctures geared towards a health and wellness conscious consumer. Skunk Feather is an industry leader well known for potent concentrates and aromatic flower, and was one of the first brands to incorporate full spectrum testing in every product. Blank Brand offers a range of cannabis-infused chocolates, gummies, and capsules in chef-created flavors. Each line sources cannabis from small family farms and uses ingredients from consciously operated companies. LVV holds a Type-N license for manufacturing from MCSB and a distribution license from the California Bureau of Cannabis Control.
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 services to be provided by LVV to the Company's cultivation operations in Nevada and the expected benefits therefrom, 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: +1-(323)-828-4321 or [email protected]
Investor Relations Contact:
The Howard Group
#350, 318 - 11 Avenue SE
Calgary, AB T2G 0Y2
Ph: +1-(403)-221-0915 or [email protected]
Media Inquiries: [email protected]
SOURCE Radiko Holdings