Leef Brands Inc. Announces Resignation of Brandon Kou From Board of Directors

Rhea-AI Summary

LEEF Brands Inc. (CSE: LEEF, OTCQB: LEEEF) announced the resignation of director Brandon Kou, effective March 3, 2023. Micah Anderson, CEO, expressed gratitude for Kou's contributions and confirmed that the search for a new board member has commenced. Additionally, LEEF approved the issuance of 799,528 restricted stock units (RSUs) to consultants, with 476,947 vesting immediately and the remainder over 12 months. The company also issued 3,973,081 common shares at $0.08 per share to settle a $200,000 note payable, including accrued interest. LEEF aims to continue producing top-tier cannabis products in California.

Positive

• The onboarding of a new director may bring fresh perspectives.
• The issuance of RSUs aligns incentives with consultants, potentially driving performance.

Negative

• The resignation of a board member may raise concerns about leadership continuity.
• Issuing shares at a low price could lead to shareholder dilution.

VANCOUVER, British Columbia, March 06, 2023 (GLOBE NEWSWIRE) -- LEEF Brands Inc. (CSE: LEEF) (OTCQB: LEEEF) (“LEEF” or the “Company”), a leading California based extraction and manufacturing cannabis company, announces the resignation of Brandon Kou from the board of directors of the Company, effective March 3rd, 2023.

“On behalf of the entire LEEF Brands team, I want to express my sincere gratitude to Brandon for his dedicated service and contributions to helping build the foundation of LEEF. We wish Brandon all the best on his future endeavors,” said Micah Anderson, CEO.

The identification phase of onboarding a new director has already begun and the Company looks forward to announcing the new board member in the coming weeks.

The Company also announces that the Board of Directors has approved the grant of an aggregate of 799,528 restricted stock units (“RSUs”) to consultants of the Company. 476,947 RSUs will vest immediately with the remaining 322,581 RSUs vesting evenly over 12 months. Each vested RSU entitles the holder to receive one common share of the Company.

In addition, the Company also announces the issuance of 3,973,081 common shares at a deemed price of $0.08 per common share, in settlement of a US$200,000 note payable including accrued interest.

About LEEF Brands Inc. (formerly, Icanic Brands Company Inc.)

LEEF Brands Inc. is a leading California based extraction and manufacturing cannabis company. LEEF is owned and managed by some of the best legacy operators in the industry and is one of California’s largest and most sophisticated cannabis companies. The Company’s platform consists of an integrated supply chain, state of the art manufacturing, industry leading brands, and a robust bulk concentrate portfolio that powers some of the largest brands in California. The Company’s vision is simple, produce best-in-class products to the cannabis consumer. The Company’s mission is to build a great cannabis company with great people and great results. For more information, please visit the company’s website at www.LeefBrands.com.  

LEEF BRANDS INC.
Per: “Micah Anderson”
Chief Executive Officer

SOURCE LEEF Brands, Inc.

For further information: LEEF Brands, Inc., Micah Anderson, CEO, or Kevin Wilson, CFO, 416-797-6455, ir@leefca.com

FAQ

What happened to Brandon Kou at LEEF Brands?

Brandon Kou resigned from the board of directors of LEEF Brands effective March 3, 2023.

What are restricted stock units (RSUs) granted by LEEF?

LEEF granted 799,528 RSUs to consultants, with some vesting immediately and others over 12 months.

How many common shares did LEEF Brands issue recently?

LEEF issued 3,973,081 common shares at a deemed price of $0.08 per share to settle a note payable.

What is the significance of the share issuance at LEEF?

The issuance of common shares at a low price may lead to dilution for existing shareholders.

Who is the CEO of LEEF Brands?

Micah Anderson is the Chief Executive Officer of LEEF Brands.