IONKF - Ionic Brands to acquire assets from The Extraction Lab

Ionic Brands (IONKF) has entered into a LOI to acquire assets of Peace, Love and Elixirs, LLC, a business of The Extraction Artists ((EXA)) on December 18, 2020, which includes three key licenses - manufacturing, edible license designation and a hemp processing license.Under the terms of the LOI, the Company will pay ~$600K to EXA and additional payment of cash and stock will be determined at closing of the transaction.EXA has operational history in servicing the retail market directly by providing white labelling services to some of the biggest retail chains in the Oregon market.Under the terms of the LOI, the companies will immediately move to a definitive agreement and have targeted a closing date of mid-February 2021.

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Ionic Brands to acquire assets from The Extraction Lab