LOS ANGELES, April 22, 2020 /PRNewswire/ -- International Cannabrands Inc. dba Radiko Holdings (CSE: RDKO) (the "Company") wishes to announce the settlement and withdrawal of the respective legal actions between the Company and its 51% subsidiary La Vida Verde, Inc. ("LVV").
Steve Gormley, CEO of the Company commented: "I'm happy to report that Radiko Holdings, (formerly International Cannabrands) and La Vida Verde have resolved our dispute outside of court. I am grateful to the leadership at LVV for their willingness to settle this matter internally and for their commitment to the success of their company and in turn the organization as a whole. I think this settlement reflects a true alignment of the parties' interests and is structured for success."
Bryce Berryessa, President and Co-Founder of LVV commented: "My team and I remain committed to the success of La Vida Verde and to its partnership with Radiko Holdings. I am glad to be moving forward with a collaborative spirit and am eager to execute on a shared vision that positions us both for growth."
The settlement agreement dated April 21, 2020, provides for the rescission of the September 19, 2018 agreement and defines the path forward for the two companies. The Company's 51% ownership interest of LVV has been confirmed and the Company has renewed its commitment to invest a total of US$700,000 in the capital of LVV (the "Capital Investment") over the course of the next several months, with the final payment US$300,000 to be made by September 30, 2020. In lieu of the outstanding notes of US$1.2 million due to LVV shareholders, the shareholders of LVV have agreed to an earnout, and will obtain this compensation as a percentage of LVV's future earnings as cash flow permits. As security for the payment of the Capital Investment, the Company has agreed to pledge approximately 16% of LVV. In addition, Julie Brooks, currently COO of LVV, will ascend to the CEO position of LVV, and be granted Board Observer status for the Company's Board of Directors, along with Bryce Berryessa, President of LVV. The Company's representation on the Board of LVV will remain the same as the original agreement, with two members on the LVV Board.
Steve Gormley concluded, "I am thrilled to see Julie step into this pivotal role and look forward to leveraging her extensive expertise across some of the Company's other opportunities. Ms. Brooks brings 33 years of manufacturing, logistics, and distribution experience, and has spent 19 years in leadership roles with an industry focus in food, pharmaceuticals, and agriculture, and an advanced focus in regulatory compliance. er experience and expertise will be vital to our growth as we go forward."
About Radiko Holdings
International Cannabrands Inc. dba Radiko Holdings (CSE: 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) has been operating in California since 2015, and currently holds a Type-N license for manufacturing from MCSB and a distribution license from the California Bureau of Cannabis Control. LVV under its pioneering brand Skunk Feather has been a leader in the cannabis concentrate field, being one of the first brands to incorporate full spectrum testing in every product, testing for potency, terpenes, pesticides and residual solvents beginning in 2015. LVV believes that the best medicine starts with the food you eat and it takes pride in producing products for people who are searching for a natural and healthy alternative for nurturing their bodies. Under its La Vida Verde brand, l all products use only healthy fats, are vegan, organic, gluten-free, paleo friendly and low glycemic. In addition to LVV's wholesale flower, packaged flower, pre-rolls and blunts, its differentiating products include gummies, upscale protein bars (Q3 launch 2020), new chocolate forms and super cookies. LVV Brands currently include Skunk Feather Cannabis™, La Vida Verde and Blank Brand™.
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 closing of the acquisition of BioNeva and related entities, 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.
Radiko Holdings Contact:
Steve Gormley
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:
Dave Burwell
Vice President
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
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