Canbiola, Inc. Signs Contract to Acquire Green Grow Farms from Iconic Brands
December 09 2019 - 8:33AM
InvestorsHub NewsWire
Canbiola, Inc. Signs Contract to Acquire Green Grow Farms from
Iconic Brands
HICKSVILLE, NY
-- December 9, 2019 -- InvestorsHub NewsWire
-- Canbiola,
Inc.(OTCQB:CANB)
(“Canbiola” or the “Company”), adeveloper, manufacturer and supplier of a variety
of hemp-derived THC-Free Cannabidiol (CBD) Isolate products such as
oils, drops/tinctures, creams, moisturizers, chews, and capsules,
announced today it executed an agreement for an all-stock
transaction to acquire 51% of Green Grow Farms Inc from Iconic
Brands, Inc. (OTCQB: ICNB). In addition, Canbiola is
negotiating an option to purchase the remaining 49% minority
interest from NY Farm Group. The transaction will consist of all
stock valued at $1 million, full terms can be found in the
Company’s current 8K filing filed December 6,
2019.
Green Grow Farms
Incis licensed by New York State
to grow hemp under the Hemp Research Pilot Program. Green Grow
Farms grows industrial hemp for grain, flower, and CBD. Green Grow
Farms has successfully grown and harvested 6 Acres on two farms in
Calverton, NY this year, yielding in excess of 12,000 pounds of
dried biomass. The current New York inventory consists of Suver
Haze and Sweetened varieties with CBD content ranging from 13% to
16%. This product is being sold as biomass for processing into
isolate and/or distillate and to wholesalers and retailers for
processing as smokable flower and pre-rolls. Additionally, Green
Grow Farms has a cultivation partnership with Fox Trot Farms LLC in
Meigs County, Tennessee. This 50/50 partnership is a 35 acre grow
with over 100,000 Late Sue variety clones which have reached
maturity and are presently being harvested. Additionally, various
quantities of different varieties have been harvested. This product
will be mostly processed to raw material for our consumer product
line.
The close of this
transaction will further the full vertical integration goals of
Canbiola. The company now has successful consumer brands under the
Pure Leaf Oil, Seven Shakra’s and Canbiola names and a full
company-owned production facility in Lacy, Washington where all the
products are manufactured, and white label services are provided.
In addition, the Company announced in July of this year our joint
venture with Shi Farms to be minority equity partners in a full
processing facility in Pueblo, Colorado and with the intended
acquisition of Green Grow will have our own Company-owned grows to
further, control our process.
After closing, the
Company will have an update forthcoming on our plans for 2020 to
complete the initiative of being a true full vertically integrated
company in the burgeoning CBD and Premium Hemp market. Through
Green Grow Farms and in conjunction with our NY Hemp Depot
subsidiary we intent to develop our operations in New York to not
only grow, but to provide automated harvesting, bucking, drying,
and processing services.
For additional
information on Green Grow Farms, please
visit: https://www.greengrowfarmsinc.com.
The Company is not responsible for the content on Green Grow Farm’s
website and makes no claims as to its
validity.
CanbiolaChief
Executive Officer, Marco Alfonsi, commented, “We are extremely
excited to acquire Green Grow Farms and execute on the plans we
have put together to drive revenue from its existing hemp farms in
New York and Tennessee. As well Canbiola and Green Grow have a
strategic initiative in Texas where we look to expand our
geographic footprint. I will provide more details on this exciting
project in our year-end review. We welcome the Green Grow team into
our Canbiola family and look forward to advancing our business from
seed to sale and becoming a major player in the health, wellness
and medical CBD market.”
About Canbiola,
Inc.
Canbiola, Inc.
(OTCQB:CANB) is a
vertically integrated conglomerate specializing in the
manufacturing, formulation and sale of THC-Free Cannabidiol (CBD)
Isolate products such as oils, drops/tinctures, gels, creams,
moisturizers, chews, and capsules. All Canbiola products
are organic and Non-GMO, free of impurities and contaminants, and
formulated with the finest ingredients to the highest manufacturing
standards. All products are certified for purity and
accuracy by third-party laboratory
verification.
Canbiola pursues an aggressive growth strategy
through the continual development of proprietary products and the
expansion of its offerings via strategic acquisitions in the
healthcare and CBD industries.
Canbiola has created several innovative CBD product
lines, marketed through targeted channels
including:
The Canbiola clinical line, which is marketed and
promoted through healthcare practitioners in the medical
setting.
The Pure Leaf Oil (consumer brand) and Seven
Chakras (spa brand) lines are sold through both online and brick
& mortar retail outlets.
Carniola’s state-of-the-art manufacturing facility
in Lacey, WA is operated by Pure Health Products LLC (PHP), a
wholly-owned subsidiary that produces all of the Company’s CBD
Isolate products, in addition to providing private label and white
label solutions for companies looking to add high-quality CBD items
to their offerings. Canbiola is passionate about improving people’s
lives and we take pride in providing pure CBD products infused with
organic and natural ingredients. We want customers to know that
they are buying lab-tested, high-quality natural products at a
great price.
Canbiola’s Radical Tactical LLC subsidiary produces
CBD products in other forms including vapes and
gums.
Duramed Inc. and Duramed NJ LLC, wholly-owned
subsidiaries of Canbiola, further the mission of providing
innovative products designed to improve people’s lives, aiming to
reduce their use of opioid substances through the utilization of
durable medical devices. This product line includes a wearable
low-intensity ultrasound SAM (Sustained Acoustic Medicine) device
delivering multi-hour treatment intended to accelerate healing,
improve function for musculoskeletal injuries (muscle, tendon,
ligament) and reduce chronic pain (without opioid pain
medication).
With the creation of its newest wholly-owned
subsidiary, NY Hemp Depot LLC, Canbiola has further attained
vertical integration, allowing it to fully control the supply chain
from seed to sale, develop customized products and maximize profit
margins. Through the utilization of its newly acquired NY State
Hemp Cultivation License, the Company contracts with farmers
throughout the state of NY to cultivate specific strains of hemp,
which is then processed into CBD Isolate products to Canbiola’s
exacting manufacturing standards and specifications at the
Company’s laboratory and production
facility.
For more information
about Canbiola, Inc., please visit: Canbiola.com
Forward-Looking
Statements
Forward-looking
statements and risks and uncertainties discussed in this letter
contain forward-looking statements. The words "anticipate,"
"believe," "estimate," "may," "intend," "expect," and similar
expressions identify such forward-looking statements. Expected,
actual results, performance, or achievements could differ
materially from those contemplated, expressed, or implied by the
forward-looking statements contained herein. Forward-looking
statements are subject to a number of risks and uncertainties,
including but not limited to, risks and uncertainties associated
with, among other things, the impact of economic, competitive, and
other factors affecting our operations, markets, products, and
performance. The matters discussed herein should not be construed
in any way, shape or manner of our future financial condition or
stock price.
Follow Canbiola on:
Twitter @CanbiolaHealth
Instagram @canbiola.inc or @canbiola_cbd or
@canbiola_medical_cbd
Investors and Media:
IR@canbiola.com
(516) 595-9544
CAN B (QB) (USOTC:CANB)
Historical Stock Chart
From Aug 2024 to Sep 2024
CAN B (QB) (USOTC:CANB)
Historical Stock Chart
From Sep 2023 to Sep 2024