LAS VEGAS, NV-(NewMediaWire - Jun 28, 2017) - Freedom
Leaf, Inc. (OTCQB: FRLF)
has signed a Letter of Intent with the owners of Green Market
Europe S. L. (GME) to acquire all of the shares of the
Company. The acquisition includes over 60,000 square feet of
operational greenhouse, including over 20,000 square feet with an
automated light deprivation system to stimulate flowering year
round, plus over 200 acres of outdoor production. Both greenhouse
and outdoor production can be increased nearby.
All the facilities are owned free and clear, with no
debt.
Clifford J. Perry, Freedom Leaf co-founder and CEO, explained,
"With this transformative acquisition Freedom Leaf has become a
major participant not only in the booming CBD (cannabidiol)
industry, but in many other aspects of the global hemp industry.
Current product development projects include research into rare
cannabinoids, CBD drinks, phytocannabinoid oil, hemp seed oil, hemp
fabric for footwear and furniture, etc..."
GME has also established collaboration with the Miguel Hernandez
University, which has extensive research and development
facilities, currently including genetic breeding, LED growing
systems and fertilizer testing projects.
The operations are all located in the traditional hemp growing
area, Callosa de Segura, Alicante, near the city of Elche, on
Spain's Southeastern Mediterranean coast. The moderate climate is
ideal for producing multiple crops per year.
The acquisition includes all of GME's assets, including leases
on land, leasehold improvements, greenhouse equipment, Intellectual
Property, and production contracts with local farmers, and purchase
orders above $450,000.
GME is the successor to Natural Hemp, S. L. founded by Luis
Miguel Santos and Vicente Javaloyes Martinez in 2013. All the NH
assets have been transferred to GME.
The LOI includes retaining current management. The acquisition
will be mostly a stock transaction amounting to 4,800,000 shares of
Freedom Leaf common stock, plus EU 20,000 in cash. The GME
shareholders will also retain 50% of the net profits as an
incentive and will retain their existing management contracts. The
acquisition is expected to close in July. Green Market Europe S. L.
is currently showing revenue and the acquisition is expected to be
accretive in the fourth quarter.
All of the projects and services are compliant with European
Union laws and regulations, specifically including Spanish Law and
the Single Convention on Narcotic Drugs of 1961.
About Freedom Leaf
Freedom Leaf, Inc., The Marijuana Legalization Company™, is a fully
reporting and audited, publicly traded company trading under the
symbol (OTCQB: FRLF).
Freedom Leaf, Inc. is a leading go-to resource in the cannabis,
medical marijuana, and industrial hemp industry. It is involved in
mergers and acquisitions in the marijuana industry, including
incubation/acceleration and spin offs of new marijuana/hemp related
companies.
Freedom Leaf Inc.'s flagship publication is Freedom Leaf
Magazine, The Good News in Marijuana Reform. The company produces a
portfolio of news, print and digital multi-media verticals,
websites, and web advertising, for the ever-changing emerging
cannabis, medical marijuana and industrial hemp industry.
Freedom Leaf, Inc. does not handle, grow, sell, or disperse
marijuana.
Safe Harbor Statement
Statements in this press release that are not strictly historical
are "forward-looking" statements within the meaning of Section 27A
of the Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements generally can be identified by phrases such as Freedom
Leaf, Inc. or its management "believes," "expects," "anticipates,"
"foresees," "forecasts," "estimates" or other words or phrases of
similar import. Similarly, statements herein that describe the
Company's business strategy, outlook, objectives, plans, intentions
or goals also are forward-looking statements. All such
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those in forward-looking statements. Factors that could cause
or contribute to differences include the uncertainty regarding
viability and market acceptance of the Company's products and
services, changes in relationships with third parties, and other
factors described in the Company's most recent periodic filings
with the Securities and Exchange Commission, including its Annual
Report on Form 10-K dated June 30, 2016 and quarterly reports on
Form 10-Q.
Investor relations information can be found on the FreedomLeafInc.com company
website.