Icanic Brands Provides Update on LEEF Holdings Inc. Acquisition

Rhea-AI Summary

Icanic Brands Company, a multi-state cannabis operator, has provided an update on its acquisition of LEEF Holdings, Inc., originally announced in an all-stock transaction on August 31, 2021. The companies are working towards a definitive agreement, expected to be finalized by December 31, 2021. Icanic Brands aims to expand its footprint in the competitive cannabis markets of California and Nevada, focusing on delivering premium, high-quality products.

Positive

• Acquisition of LEEF Holdings expected to strengthen market position.
• Focus on premium cannabis brands allows for potential revenue growth.
• Expansion in California and Nevada's competitive markets may enhance brand visibility.

Negative

• Integration challenges may arise from the acquisition.
• All-stock transaction could lead to shareholder dilution.

VANCOUVER, British Columbia, Nov. 26, 2021 (GLOBE NEWSWIRE) -- Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), a multi-state brand operator of premium cannabis brands in California and Nevada, is pleased to provide an update on the LEEF Holdings, Inc. acquisition. The Company previously announced the LOI agreement on August 31^st, 2021 in an all-stock transaction.

The Company and LEEF Holdings, Inc. have been working diligently to provide all necessary materials to prepare for the closing of the transaction. It is anticipated a definitive agreement will be entered into by December 31^st, 2021.

About Icanic Brands Company, Inc.

Icanic Brands Company, Inc. is a leading cannabis branded products manufacturer based in California & Nevada, the largest and most competitive cannabis markets in the world. The company’s mission is to make cannabis safe and approachable - that starts with manufacturing high-quality products delivering consistent experiences.

For more information, please visit the company’s website at: www.icaninc.com.

About Ganja Gold

Ganja Gold, Inc., a wholly-owned subsidiary of Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF), is the premier brand of infused pre-rolls in the state. Ganja Gold focuses on using only the best available flower and concentrates with state of the art proprietary technology to create connoisseur level pre-rolls unseen in the marketplace. With our flagship Tarantula™, Ganja Gold continues to set the bar in quality and experience.

For more information about Ganja Gold, visit their website at www.ganjagold.com.

ICANIC BRANDS COMPANY INC.

Per:		“Brandon Kou” Chief Executive Officer

For further information about Icanic Brands, please contact the Company at:
Email: ir@icaninc.com
Phone: (778)999-4226

The CSE does not accept responsibility for the adequacy or accuracy of this release.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.

FAQ

What is the purpose of Icanic Brands' acquisition of LEEF Holdings, Inc.?

The acquisition aims to strengthen Icanic Brands' market position in the cannabis industry.

When was the LOI for the acquisition of LEEF Holdings announced?

The LOI was announced on August 31, 2021.

When is the definitive agreement for the acquisition expected to be finalized?

The definitive agreement is anticipated to be finalized by December 31, 2021.

How could the acquisition impact Icanic Brands' stock symbol ICNAF?

The acquisition could potentially enhance brand visibility and revenue, but may also pose risks such as integration challenges and shareholder dilution.