ICNAF - Icanic Brands to acquire THC Engineering

Icanic Brands (ICNAF) entered into a letter of intent to acquire THC Engineering, a company focused on building one of a kind automation technology in the rapidly expanding cannabis manufacturing industry.Under LOI terms, Icanic will pay a consideration of $1.75M in Icanic Brands shares as consideration for THC; also the latter has the option to earn additional purchaser shares through milestone earnouts $500K of purchaser shares on milestone 1 completion, $1.75M in purchaser Shares on milestone 2 completion and $500K of purchaser shares on milestones 1 and 2 completion.Purchaser Shares will be locked up until Dec. 31st, 2021 at which point the company will receive 4 equal installments.

For further details see:

Icanic Brands to acquire THC Engineering