ICNB - Iconic Brands-ICNB Subsidiary Green Grow Farms Receives New York State Hemp License and Will Commence Grow Operations
AMITYVILLE, NY, June 06, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Iconic Brands, Inc. (OTCQB: ICNB) announced today that Green Grow Farms, www.greengrowfarmsinc.com, an operating subsidiary, has been granted a license by New York State to grow hemp. Under the Hemp Research Pilot Program Green Grow Farms can grow industrial hemp for grain, flower and Cannabidiol (CBD). The company is focused on hemp specific for CBD.
As previously announced Green Grow Farms has secured a processor and material supplier agreement with Lilu’s Garden, www.lilusgarden.com, one of the largest vertical Hemp processors in the world. The agreement is for an initial 2-year term and allows for a minimum of 2 million pounds of biomass to be processed to CBD isolate, and sold under a revenue sharing agreement. With average CBD percentage and processing efficiency rates from Green Grow's farming operations, two million pounds should process into approximately 40,000 kilograms of CBD Isolate. Today's current wholesale market rates for bulk sales of isolate are between $5,000 and $7,500 per kilogram. Green Grow Farms will be shipping all biomass to Lilu’s for processing under this agreement.
The company will be applying for a processor license in the State of New York as soon as the application window opens.
Mr. Richard DeCicco commented, “We’re pleased to receive our license number and to start this exciting chapter. We will begin growing right away, as well as finalizing the growing partnerships that have been in the works.”
About Iconic Brands, Inc.
Iconic Brands Inc. ("Iconic") is a lifestyle branding company with the highest expertise of developing, from inception to completion, alcoholic beverages for itself and third parties. Iconic Brands markets and places products into national distribution through long standing industry relationships. Iconic is a leader in "Celebrity Branding" of beverages, procuring superior and unique products from around the world and branding its products with internationally recognized celebrities. Currently offering Bivi Vodka, www.BiviVodka.com and Bellissima Prosecco, www.BellissimaProsecco.com. Iconic Brands is a developer of private label spirits for established chains and brands both domestically and Internationally. Under its subsidiary, Hempology Inc., Iconic Brands is, to the extent the law allows, developing liquor based products infused with Hemp and CBD. Iconic Brands through its subsidiary, Green Grow Farms, has a license to grow Hemp for CBD in the State of New York, and is entering partnerships in additional states to grow and cultivate Hemp for the purpose of creating CBD Isolate.
Please visit our website and follow us on twitter @BellissimabyCB and on Instagram @BellissimaProsecco: View Christie’s appearance schedule which we will continue to update, and great new recipes; www.bellissimaprosecco.com
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