Icanic Buys LEEF For $120 Million

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Icanic Manufacturers Firm, Inc. (CSE: ICAN)(OTCQB: ICNAF) is shopping for California-based extraction firm LEEF Holdings, Inc. in a deal valued at roughly $120 million. The acquisition is predicted to shut within the first quarter of 2022. Leef is without doubt one of the largest hashish extraction corporations within the state of California and is a number one supplier of bulk concentrates for lots of the largest manufacturers within the state. Leef’s manufacturing capabilities embrace a 12,000 sq. ft cutting-edge extraction and manufacturing facility with as much as 45 tons of biomass throughput per 30 days and as much as 3,000 liters of distillate extraction functionality per 30 days.

“At this time represents an enormous milestone for Icanic. Our skill to come back collectively as one with a tremendous firm like LEEF will solely additional improve our place available in the market. Micah and the remainder of the staff have performed a tremendous job constructing one of many leaders within the California market and we couldn’t be prouder to name them our companions” mentioned Brandon Kou, CEO of Icanic Manufacturers. “This marriage will enable us to perform our collective targets faster and I’m proud to say that the mixed groups have already been onerous at work analyzing the synergies and figuring out efficiencies permitting us to construct in the direction of a singular infrastructure.”

Leef is Headquartered in Willits, California, and its core manufacturing competencies embrace ethanol extraction (Kind 6 manufacturing license), hydrocarbon extraction (Kind 7 manufacturing license), and solventless extraction. Leef additionally has an edibles manufacturing line and is within the technique of constructing out a forty five,000 sq.ft mid-stream processing facility which can enable it to dry its personal product and supply further providers together with processing, distribution and supply to its clients. Leef additionally just lately obtained a 186.7-acre cultivation land use allow, which can make it the proprietor of one of many largest hashish cultivation websites in California. The positioning sits on over 1,900 acres of prime California actual property.

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Micah Anderson, CEO of Leef mentioned, “I’m extremely excited to be taking LEEF into the subsequent stage of its growth and along with our new companions at Icanic. We sit up for persevering with to construct important shareholder worth for a few years to come back. It’s due to the relentless onerous work of LEEF’s staff that we’ve discovered ourselves at what I imagine is the place to begin to the subsequent chapter. I’ve been within the hashish trade for a few years and, together with the opposite founding companions of LEEF, have devoted our complete lives to constructing our firm. Successful is the results of having the precise folks working along with the precise imaginative and prescient and Icanic’s administration staff solely strengthens the abilities and relationships LEEF brings to the desk. I sit up for working with the Icanic staff so as to add large worth to the mixed group because it continues to develop and develop within the coming years.”

Icanic Manufacturers is a number one hashish branded merchandise producer based mostly in California & Nevada. The corporate’s manufacturers embrace GonjaGold and Taylor’s. The corporate has been beneath administration stop commerce order by the British Columbia Securities Fee because of a delay in submitting the corporate’s monetary statements. Icanic mentioned it expects to file the Annual Filings and the Interim filings for the interval ended October 31, 2021, on or earlier than January 29, 2022. “Throughout the MCTO, the overall investing public will proceed to have the ability to commerce within the Firm’s listed frequent shares. Nonetheless, the Firm’s chief govt officer and the chief monetary officer won’t be able to commerce within the Firm’s shares.”

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