LFTD Partners Entering Marijuana Industry in Illinois
LFTD Partners Inc. (OTCQB:LIFD) has announced plans to enter the marijuana industry in Illinois through four separate transactions. The company intends to acquire Illinois Cannabis Licenses (craft grow, infuser, and transport), a long-term lease for an 18,558 sq. ft. manufacturing space in Skokie, two industrial buildings in Rockford totaling 47,328 sq. ft., and several retail businesses including Mrs. Buckbee's Wake N Bakery and portions of District Bar & Grill and Half Baked Bar.
If completed, these all-stock acquisitions will require 7,635,925 shares of unregistered LIFD common stock. The company aims to close the first three transactions by March 15, 2025, with the retail business acquisitions to follow after audit completion. Upon closing, John Murray will join LIFD's Board and serve as Chief Business Officer and Chief Strategy Officer, while Erik Carlson will become General Counsel and Chief Compliance Officer.
Management believes these acquisitions will diversify LIFD's business and create synergies with its existing Urb brand of hemp products. The transactions face various conditions including regulatory approvals, audits, and definitive documentation.
LFTD Partners Inc. (OTCQB:LIFD) ha annunciato piani per entrare nel settore della marijuana in Illinois attraverso quattro transazioni separate. L'azienda intende acquisire licenze per la cannabis in Illinois (coltivazione artigianale, infusore e trasporto), un contratto di locazione a lungo termine per uno spazio di produzione di 18.558 piedi quadrati a Skokie, due edifici industriali a Rockford per un totale di 47.328 piedi quadrati e diverse attività commerciali al dettaglio, tra cui il Wake N Bakery di Mrs. Buckbee e porzioni del District Bar & Grill e del Half Baked Bar.
Se completate, queste acquisizioni interamente in azioni richiederanno 7.635.925 azioni di azioni ordinarie LIFD non registrate. L'azienda mira a chiudere le prime tre transazioni entro il 15 marzo 2025, con le acquisizioni delle attività commerciali al dettaglio che seguiranno dopo il completamento dell'audit. Alla chiusura, John Murray entrerà a far parte del Consiglio di Amministrazione di LIFD e ricoprirà il ruolo di Chief Business Officer e Chief Strategy Officer, mentre Erik Carlson diventerà General Counsel e Chief Compliance Officer.
La direzione crede che queste acquisizioni diversificheranno l'attività di LIFD e creeranno sinergie con il suo marchio Urb di prodotti a base di canapa. Le transazioni affrontano varie condizioni, tra cui approvazioni normative, audit e documentazione definitiva.
LFTD Partners Inc. (OTCQB:LIFD) ha anunciado planes para ingresar a la industria de la marihuana en Illinois a través de cuatro transacciones separadas. La compañía tiene la intención de adquirir licencias de cannabis de Illinois (cultivo artesanal, infusor y transporte), un contrato de arrendamiento a largo plazo para un espacio de fabricación de 18,558 pies cuadrados en Skokie, dos edificios industriales en Rockford que suman 47,328 pies cuadrados y varios negocios minoristas, incluyendo el Wake N Bakery de Mrs. Buckbee y partes del District Bar & Grill y Half Baked Bar.
Si se completan, estas adquisiciones totalmente en acciones requerirán 7,635,925 acciones de acciones ordinarias LIFD no registradas. La empresa tiene como objetivo cerrar las primeras tres transacciones antes del 15 de marzo de 2025, con las adquisiciones de negocios minoristas que seguirán después de completar la auditoría. Al cierre, John Murray se unirá a la Junta de LIFD y servirá como Director de Negocios y Director de Estrategia, mientras que Erik Carlson se convertirá en Asesor Legal y Director de Cumplimiento.
La dirección cree que estas adquisiciones diversificarán el negocio de LIFD y crearán sinergias con su marca Urb de productos de cáñamo. Las transacciones enfrentan varias condiciones, incluidas aprobaciones regulatorias, auditorías y documentación definitiva.
LFTD Partners Inc. (OTCQB:LIFD)는 일리노이에서 마리화나 산업에 진출할 계획을 발표했습니다. 이 회사는 일리노이 대마초 라이센스(소규모 재배, 인퓨저 및 운송), 스코키에 있는 18,558 평방피트 제조 공간에 대한 장기 임대 계약, 록포드에 있는 47,328 평방피트의 두 개 산업 건물, 그리고 Mrs. Buckbee의 Wake N Bakery와 District Bar & Grill 및 Half Baked Bar의 일부를 포함한 여러 소매 사업을 인수할 계획입니다.
이 모든 주식 인수가 완료되면 등록되지 않은 LIFD 보통주 7,635,925주가 필요합니다. 이 회사는 2025년 3월 15일까지 첫 세 가지 거래를 마감할 계획이며, 소매 사업 인수는 감사 완료 후 진행될 예정입니다. 거래가 완료되면 John Murray가 LIFD 이사회에 합류하여 Chief Business Officer 및 Chief Strategy Officer로 재직하며, Erik Carlson은 General Counsel 및 Chief Compliance Officer가 될 것입니다.
경영진은 이러한 인수가 LIFD의 사업을 다각화하고 기존의 Urb 대마 제품 브랜드와 시너지를 창출할 것이라고 믿고 있습니다. 거래는 규제 승인, 감사 및 최종 문서화 등 여러 조건을 충족해야 합니다.
LFTD Partners Inc. (OTCQB:LIFD) a annoncé des projets d'entrée dans l'industrie du cannabis dans l'Illinois à travers quatre transactions distinctes. L'entreprise prévoit d'acquérir des licences de cannabis dans l'Illinois (culture artisanale, infuseur et transport), un bail à long terme pour un espace de fabrication de 18 558 pieds carrés à Skokie, deux bâtiments industriels à Rockford totalisant 47 328 pieds carrés, et plusieurs commerces de détail, y compris le Wake N Bakery de Mrs. Buckbee et des portions du District Bar & Grill et du Half Baked Bar.
Si elles sont finalisées, ces acquisitions entièrement en actions nécessiteront 7 635 925 actions ordinaires LIFD non enregistrées. L'entreprise vise à clôturer les trois premières transactions d'ici le 15 mars 2025, les acquisitions des commerces de détail devant suivre après l'achèvement de l'audit. À la clôture, John Murray rejoindra le Conseil d'administration de LIFD et occupera le poste de Chief Business Officer et Chief Strategy Officer, tandis qu'Erik Carlson deviendra General Counsel et Chief Compliance Officer.
La direction estime que ces acquisitions diversifieront les activités de LIFD et créeront des synergies avec sa marque existante Urb de produits à base de chanvre. Les transactions sont soumises à diverses conditions, y compris des approbations réglementaires, des audits et une documentation définitive.
LFTD Partners Inc. (OTCQB:LIFD) hat Pläne angekündigt, in die Marihuana-Industrie in Illinois durch vier separate Transaktionen einzutreten. Das Unternehmen beabsichtigt, Cannabis-Lizenzen in Illinois (Kleinproduktion, Infusor und Transport), einen langfristigen Mietvertrag für eine 18.558 Quadratfuß große Produktionsfläche in Skokie, zwei Industriegebäude in Rockford mit insgesamt 47.328 Quadratfuß sowie mehrere Einzelhandelsgeschäfte, darunter Mrs. Buckbee's Wake N Bakery und Teile des District Bar & Grill und des Half Baked Bar, zu erwerben.
Wenn abgeschlossen, werden diese vollständig in Aktien gehaltenen Übernahmen 7.635.925 nicht registrierte Aktien der LIFD-Stammaktien erfordern. Das Unternehmen plant, die ersten drei Transaktionen bis zum 15. März 2025 abzuschließen, wobei die Übernahmen der Einzelhandelsgeschäfte nach Abschluss der Prüfung folgen werden. Nach dem Abschluss wird John Murray dem Vorstand von LIFD beitreten und als Chief Business Officer und Chief Strategy Officer tätig sein, während Erik Carlson General Counsel und Chief Compliance Officer wird.
Die Geschäftsführung glaubt, dass diese Übernahmen das Geschäft von LIFD diversifizieren und Synergien mit der bestehenden Urb-Marke für Hanfprodukte schaffen werden. Die Transaktionen stehen unter verschiedenen Bedingungen, darunter regulatorische Genehmigungen, Prüfungen und endgültige Dokumentationen.
- Expansion into regulated marijuana market in Illinois, a large ' license' state
- Acquisition of multiple cannabis licenses (craft grow, infuser, transport)
- Addition of 18,558 sq. ft. manufacturing space already built for marijuana products
- Acquisition of two industrial buildings totaling 47,328 sq. ft. in Rockford
- Acquisition of retail businesses including Mrs. Buckbee's Wake N Bakery
- Addition of experienced executives John Murray and Erik Carlson to leadership team
- All-stock transaction structure preserves cash
- Appraised value of one industrial building likely exceeds $4 million in aggregate liabilities
- Significant shareholder dilution from issuance of 7,635,925 new shares
- Extensive regulatory approvals required with no guarantee of completion
- Potential integration challenges with multiple acquisitions
- Risk of losing social equity status of targets, triggering loan repayments
- Potential requirement to sell acquired assets under certain lender conditions
- $4 million in liabilities being assumed from acquired entities
Plans to acquire multiple Illinois Cannabis Licenses, a lease for marijuana product manufacturing in Skokie, IL, and industrial buildings and retail businesses in Rockford, IL
JACKSONVILLE, FL / ACCESS Newswire / February 25, 2025 / LFTD Partners Inc. ("LIFD") (OTCQB:LIFD) and its wholly-owned subsidiary Lifted Made ("Lifted"), Kenosha, WI, which manufactures the award-winning Urb brand of hemp-derived cannabinoid products (www.urb.shop), today announced that they have entered into letters of intent (each an "LOI") for four separate transactions: (1) to acquire Illinois Cannabis Licenses (craft grow, infuser and transport), equipment and inventory; (2) to acquire a long-term lease of an 18,558 sq. ft. industrial space in Skokie, IL, which has already been built out for the manufacturing of marijuana products; (3) to acquire two industrial buildings in Rockford, IL, one with 33,792 sq. ft. and the other with 13,536 sq. ft., that may be used for cannabis cultivation, for manufacturing of THC-infused beverages, or for other purposes, or sold; and (4) to acquire a hemp-derived products manufacturer, Mrs. Buckbee's Wake N Bakery (www.mrsbuckbee.com), and at least half of each of District Bar & Grill (www.districtdowntown.com) and Half Baked Bar (www.halfbaked.bar) in Rockford, IL. If all of the transactions close, the aggregate acquisition consideration payable by LIFD will consist of 7,635,925 shares of unregistered common stock of LIFD ("LIFD Shares").
The closing of these transactions will be subject to a number of conditions precedent, including among other things: completion of transfer of the Illinois Cannabis Licenses, equipment and inventory to the companies being acquired (the "Targets"); payment by one of the Targets to an unrelated party of certain license and equipment related liabilities; receipt of all necessary approvals, including approvals by the State of Illinois, LIFD's lender, and the owners and managers of the Targets; completion of all necessary audits and securities filings; and execution of mutually acceptable definitive closing documentation. The parties intend to use good faith efforts to close the first three of these transactions by March 15, 2025, or as soon thereafter as the conditions precedent can be fulfilled, while the acquisitions of the hemp-derived products manufacturer, Mrs. Buckbee's Wake N Bakery, and at least half of each of District Bar & Grill and Half Baked Bar are expected to occur subsequently after audit completion.
No assurance or guarantee can be given that all of these conditions precedent will be fulfilled or that the transactions will close by any particular date, if at all; these acquisitions are subject to extensive regulatory approvals and compliance risks; the LIFD Shares to be issued as merger consideration will result in significant dilution to existing shareholders; integration of the Targets may be challenging and costly; LIFD's expansion into regulated cannabis markets involves additional risks; a failure to maintain the social equity status of certain Targets could trigger loan repayment obligations, or could result in the loss of one or more of the Illinois Cannabis Licenses; real estate assets are subject to market and financing risks, LIFD's lender may require LIFD to commit to selling one of the industrial buildings being acquired or other assets under certain circumstances; and macroeconomic and industry-specific risks could materially adversely impact LIFD's business operations.
Upon the closing of the Illinois Cannabis Licenses transactions, John Murray will join the Board of Directors of LIFD and will serve as LIFD's Chief Business Officer and Chief Strategy Officer, and Erik Carlson, Esq., will serve as LIFD's General Counsel and Chief Compliance Officer, under multi-year employment agreements. Murray and Carlson will join LIFD's senior executive team and will join in a shareholder agreement with LIFD's CEO, COO, and President/CFO.
Gerard M. Jacobs, Chairman and CEO of LIFD, stated, "These acquisitions will significantly diversify our business into some exciting marijuana, real estate and retail businesses. Our executive team is very familiar with Illinois as we are from Chicago and Kenosha, and in John Murray and Erik Carlson we have met two highly intelligent entrepreneurs whom we are excited have as partners."
Nicholas S. Warrender, Vice Chairman and COO of LIFD, and the founder and CEO of Lifted, stated, "Our experience in New Mexico has convinced us that Lifted's Urb brand can be successfully extended into marijuana products. We have finally found the right opportunity to do so in Illinois, which is a large, "limited license" state, and there should be tremendous synergies between Lifted in Kenosha and our Illinois marijuana operations in Skokie."
William C. "Jake" Jacobs, President and CFO of LIFD, stated, "These all-stock acquisitions will add valuable Illinois Cannabis Licenses, two industrial buildings, and retail businesses to the asset side of our balance sheet. Based upon an appraisal, we expect but cannot guarantee that the 'as is' value of just one of the two industrial buildings will likely exceed the aggregate liabilities of the entities that we will be acquiring of roughly
John Murray, the President of Sustainable Innovations Inc., stated, "I am thrilled to join LIFD's Board of Directors and take on the roles of Chief Business Officer and Chief Strategy Officer. This is an incredible opportunity to leverage my experience in sustainable business practices and strategic growth to help LIFD expand into the burgeoning cannabis market in Illinois. The synergy between our teams and the potential for innovation in this space is immense. I look forward to working closely with Gerard, Nicholas, Jake, and Erik to drive LIFD's vision forward and capitalize on the exciting opportunities that lie ahead in the cannabis and hemp sectors."
Erik Carlson, the Manager of Sustainable Growers, LLC stated, "We are incredibly impressed with the expertise that Lifted brings in manufacturing and marketing high quality hemp and cannabis products. The Illinois cannabis market is ready and waiting for a company that can supply underserved markets in innovative and unique ways. This merger will allow us to meet those market demands with highly respected and well-known brands."
Cautionary Notes Regarding Forward-Looking Statements
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes the acquisitions, operations, financing, growth, performance, products, plans and expectations of LFTD Partners Inc. and Lifted Liquids, Inc. d/b/a Lifted Made and d/b/a Urb Finest Flowers. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to these companies' actual acquisitions, operations, financing, growth, performance, products, plans or results of these companies differing materially from those expressed or implied by the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain other factors, including the risk factors set forth in LFTD Partners Inc.'s filings with the Securities and Exchange Commission. None of the statements contained herein have been approved by the Food and Drug Administration, and none of the products manufactured or sold by Lifted Made are intended to diagnose, treat, cure or prevent any disease. This press release does not constitute an offer to sell common stock or any other securities of LFTD Partners Inc.
Contact Information
Gerard M. Jacobs
Chairman and CEO of LFTD Partners Inc.
gerardmjacobs@lftdpartners.com
(847) 915-2446
Nicholas S. Warrender
Vice Chairman and COO of LFTD Partners Inc.
ceo@urb.shop
(224) 577-8148
William C. "Jake" Jacobs
President and CFO of LFTD Partners Inc.
jakejacobs@lftdpartners.com
(847) 400-7660
John Murray
President of Sustainable Innovations Inc.
jmurray@sustaininnovate.com
(815) 988-2159
Erik Carlson, Esq.
Manager of Sustainable Growers, LLC
ecarlson@sustaininnovate.com
(815) 979-4196
SOURCE: LFTD Partners Inc.
View the original press release on ACCESS Newswire
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