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IONIC BRANDS CORP. (CSE:IONC) (OTC PINK:IONKD) has entered into a License and Marketing Agreement with Berkshire Welco, granting exclusive distribution rights for its cannabis products in Massachusetts. The collaboration aims to introduce various cannabis consumables, including infused prerolls, full-spectrum vape cartridges, and edibles from the ZOOTS Brand, targeting early Spring 2021. Additionally, IONIC plans to expand these products into Washington and Oregon markets, enhancing its brand portfolio and sales opportunities in the cannabis sector.
IONIC BRANDS CORP. (CSE:IONC) has entered a License and Marketing Agreement with Berkshire Welco, allowing the latter to distribute IONIC's cannabis consumables in Massachusetts. The collaboration aims for early Spring 2021 product launches, including IONIC's prerolls and edibles. IONIC will also introduce products from Berkshire Welco to Washington and Oregon as part of its expansion strategy. Chairman John P. Gorst emphasized the importance of this partnership in enhancing brand presence and equity along the East Coast.
IONIC BRANDS CORP. (CSE:IONC)(OTC PINK:IONKD) has announced a Non-Binding Letter of Intent to acquire assets from Precision Alchemy, an Oregon-based cannabis oil manufacturer, for USD $3.6 million. The acquisition aims to enhance Ionic's competitive stance in the Oregon cannabis market, especially through the launch of the popular ZOOTS product line. The closing is targeted for April 1, 2021. The company also terminated its prior LOI with Peace, Love and Elixirs.
IONIC BRANDS has successfully closed the acquisition of Cowlitz County Cannabis Cultivation Inc. for approximately CAD$32 million. The payment includes CAD$1.75 million in cash, 100,406,701 non-voting preferred shares, 4 million warrants, and a US$50,000 secured promissory note. This deal strategically positions IONIC in the Pacific Northwest cannabis market. The company aims to convert a significant portion of its outstanding secured convertible debentures to reduce debt and facilitate growth. Financial advisors, Calibre Capital Corp., facilitated the transaction, enhancing IONIC's market presence.
IONIC BRANDS CORP. (CSE:IONC)(OTC:IONKD) has successfully closed a non-brokered private placement, issuing 77,695,502 units at CAD $0.19 per unit, generating approximately CAD $14.76 million. The company will use these funds for inventory expansion, launching Zoots CBD products, acquiring licenses and manufacturing facilities, and enhancing production capabilities. Additionally, 91.5% of secured convertible debentures will be converted into Series D Voting Preferred Shares, improving the balance sheet. The company aims to achieve EBITDA positivity by Q2-2021 and cash flow positivity by Q3-2021.
Lobe Sciences Ltd. announced a $32 million asset sale to Ionic Brands Corp., enhancing its balance sheet and providing non-dilutive capital. This transaction includes cash, preferred shares, and a promissory note, allowing Lobe to appoint two directors and gain equity in Ionic. CEO Philip Young emphasized the benefits of this deal for future growth and M&A initiatives. The closing is anticipated before March 31, 2021, subject to standard regulatory approvals and conversion of Ionic’s debentures.
