ICNAF - Icanic Buys LEEF For $120 Million
Icanic Brands Company, Inc. (CSE: ICAN)(OTCQB: ICNAF) is buying California-based extraction company LEEF Holdings, Inc. in a deal valued at approximately $120 million. The acquisition is expected to close in the first quarter of 2022. Leef is one of the largest cannabis extraction companies in the state of California and is a leading provider of bulk concentrates for many of the largest brands in the state. Leef’s manufacturing capabilities include a 12,000 sq. ft state of the art extraction and manufacturing facility with up to 45 tons of biomass throughput per month and up to 3,000 liters of distillate extraction capability per month.
“Today represents a huge milestone for Icanic. Our ability to come together as one with an amazing company like LEEF will only further enhance our position in the market. Micah and the rest of the team have done an amazing job building one of the leaders in the California market and we couldn’t be prouder to call them our partners” said Brandon Kou, CEO of Icanic Brands. “This marriage will allow us to accomplish our collective goals quicker and I am proud to say that the combined teams have already been hard at work analyzing the synergies and identifying efficiencies allowing us to build towards a singular infrastructure.”
Leef is Headquartered in Willits, California, and its core manufacturing competencies include ethanol extraction (Type 6 manufacturing license), hydrocarbon extraction (Type 7 manufacturing license), and solventless extraction. Leef also has an edibles production line and is in the process of building out a 45,000 sq.ft mid-stream processing facility which will allow it to dry its own product and provide additional services including processing, distribution and delivery to its customers. Leef also recently received a 186.7-acre cultivation land use permit, which will make it the owner of one of the largest cannabis cultivation sites in California. The site sits on over 1,900 acres of prime California real estate.
Micah Anderson, CEO of Leef said, “I am incredibly excited to be taking LEEF into the next stage of its development and together with our new partners at Icanic. We look forward to continuing to build significant shareholder value for many years to come. It’s because of the relentless hard work of LEEF’s employees that we have found ourselves at what I believe is the starting point to the next chapter. I have been in the cannabis industry for many years and, along with the other founding partners of LEEF, have devoted our entire lives to building our company. Winning is the result of having the right people working together with the right vision and Icanic’s management team only strengthens the talents and relationships LEEF brings to the table. I look forward to working with the Icanic team to add tremendous value to the combined organization as it continues to expand and grow in the coming years.”
Icanic Brands is a leading cannabis branded products manufacturer based in California & Nevada. The company’s brands include GonjaGold and Taylor’s. The company has been under management cease trade order by the British Columbia Securities Commission due to a delay in filing the company’s financial statements. Icanic said it expects to file the Annual Filings and the Interim filings for the period ended October 31, 2021, on or before January 29, 2022. “During the MCTO, the general investing public will continue to be able to trade in the Company’s listed common shares. However, the Company’s chief executive officer and the chief financial officer will not be able to trade in the Company’s shares.”