“FRLF” has signed an agreement to acquire the assets &
product lines of 4, related revenue-generating companies that
formulate and sell CBD
Las Vegas, NV -- March 06, 2018 -- InvestorsHub NewsWire --
Freedom Leaf, Inc. (OTCQB: FRLF), a group of
diversified, international, vertically-integrated cannabis/hemp
business and media companies, today announced that it has signed a
definitive agreement to acquire the Irie CBD Product
Line, including all: assets, trademarks, formulating
equipment, formulas and products.
Irie CBD is a California-based product line that, and has been
operating since 2015, formulates, manufactures and distributes CBD
tinctures, CBD edibles, CBD topicals and CBD concentrates to retail
markets across the country. Irie boasts a large inventory of more
than 25 different products, and recorded approximately $1.5 million
of revenue in 2017. Irie also leases a full manufacturing and
processing facility in Oakland, California that is included in the
acquisition.
In addition to the Irie CBD line and associated assets and
trademarks, the acquisition also includes the product lines,
websites and other assets of: Earth Born, Inc., a California
corporation; Earth Born, Inc., a Delaware corporation; Irie Living,
a California nonprofit mutual benefit corporation, and Genesis
Media Works, LLC, a Utah limited liability company doing business
as “Terra’s Way,” “Irie Hemp Company,” and “Earth Born
Botanicals”.
Clifford Perry, CEO and Co-Founder of Freedom Leaf, commented:
“The acquisition of the Irie CBD product lines adds another level
of integration to our already vertically-integrated corporation.
Freedom Leaf will be able to provide Irie CBD with the raw material
from our Leafceuticals extractions, and
directly produce our exclusive Hempology
CBD line with Irie’s existing processing facilities.”
Perry explained further: “In addition to the revenue generation and
processing capabilities resulting from this acquisition, Freedom
Leaf hopes to be able to utilize the established name of Irie CBD
to market the Hempology CBD.”
Freedom Leaf will pay $400,000 in cash and approximately 1.8
million shares of common stock valued at $0.23 per share with an
anticipated closing date of April 15th and possible certain
purchase price reductions depending on historic revenue of the
target companies.
Richard Groberg, Chief Financial Officer for Freedom Leaf, also
explained: “Completing the Irie CBD acquisition is directly in line
with Freedom Leaf’s goal of creating a more financially stable
corporation in the cannabis/hemp space. Freedom Leaf expects to see
a direct growth in sales for the target’s existing product lines as
well as providing various cost-saving and revenue-enhancing aspects
to Freedom Leaf’s existing businesses.” Groberg went on to say:
“While we plan to retain the targets key executives, at least
through a transition period, the application of the years of
experience of Freedom Leaf’s team to the Irie CBD team should be
invaluable in growing their revenues.”
The acquisition of Irie CBD adds to Freedom Leaf’s current
portfolio of cannabis/hemp media and processing companies,
including their flagship publication Freedom Leaf
Magazine, one of the largest Spanish-speaking web portal
in the world LaMarihuana.com, the exclusive
high-quality Hempology CBD product line,
their extraction and distribution
division Leafceuticals Inc, and European hemp
cultivation and production company Green Market
Europe. The acquired assets include the following
web sites: www.iriecbd.com, www.iriejournal.com,
www.iriemedicinals.com, www.irieliving.org,
www.iriehemp.com, www.earthbornbotanicals,com, www.terrasway.com, www.pranahemp.comand
www.nirvanahemp.com.
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), a group of diversified,
international, vertically-integrated Cannabis/Hemp/CBD businesses
and media companies
Freedom Leaf, Inc. is a leading, go-to resource in the cannabis,
medical and recreational marijuana, CBD and industrial hemp
industries. It is involved in mergers and acquisitions in
these industries, including acceleration and spin offs of new
companies involved in those industries.
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. The Company also controls LaMarihuana.com, the
world’s leading Spanish publication focused on these
industries.
Freedom Leaf, Inc. does not handle, grow, sell, or
dispense marijuana or related products
All of our European activities are in full compliance
with relevant EU laws.
Investor relations information can be found on
the FreedomLeafInc.com company
website.
Safe Harbor Statement
This news release contains “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, that are intended to be covered by the “safe harbor”
created by those sections. Forward-looking statements, which are
based on certain assumptions and describe our future plans,
strategies and expectations, can generally be identified by the use
of forward-looking terms such as “believe,” “expect,” “may,”
“will,” “should,” “could,” “seek,” “intend,” “plan,” “goal,”
“estimate,” “anticipate” or other comparable terms. All statements
other than statements of historical facts included in this news
release regarding our strategies, prospects, financial condition,
operations, costs, plans and objectives are forward-looking
statements. Forward-looking statements are neither historical facts
nor assurances of future performance. Instead, they are based only
on our current beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. Important factors that could
cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: our ability to successfully
market our products and services; the acceptance of our products
and services by customers; our continued ability to pay operating
costs and ability to meet demand for our products and services; the
amount and nature of competition from other media and
cannabis/hemp-related products and services; the effects of changes
in laws governing the cannabis and hemp industries; our ability to
successfully develop and sell new products and services; our
success establishing and maintaining industry relationships,
licensing and supplier arrangements; our ability to comply with
applicable regulations; and the other risks and uncertainties
described in our prior filings with the Securities and Exchange
Commission. We undertake no obligation to publicly update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
Contact:Raymond Medeiros PR and Business Development Director Phone: 415-601-1974 ray@freedomleaf.com Freedom Leaf, Inc.