LOS ANGELES, CA / ACCESSWIRE / March 30, 2020 / International Cannabrands Inc. (CSE: INCB) (the 'Company') is pleased to announce the appointment of Greg Ross as Board Observer and his agreement to be nominated for election to the Board of Directors of the Company at the next annual meeting of shareholders. In addition, the Company wishes to provide an update regarding the previously announced BioNeva transaction. The Company also wishes to report that it has completed a non-brokered private placement to raise gross proceeds of over CDN$500,000 since the start of the new year. The Company issued an aggregate of 10,560,000 units at price of CDN$0.05 per unit, with each unit consisting of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at a price of $0.05 for a period of 5 years. The common shares and warrants bear a 4 month hold period from the date of issuance.
Steve Gormley, CEO of the Company commented: 'I am proud and happy to announce that Greg Ross will join INCB as a Board Observer, with an intent that he will ascend to the Board of Directors at our upcoming Annual General Meeting. Mr. Ross is a successful entrepreneur who brings wide-ranging cannabis experience and a legal background and perspective that will help us continue to raise capital and to roll strategic assets into the portfolio. We very much look forward to having him on our team.'
Mr. Greg Ross is an investor, owner, and entrepreneur. He was Co-Founder and Chief Operating Officer of Ross Aviation, a leading provider of aviation fuel, ground handling services and hangar facilities for private aviation across the United States. His focus with Ross Aviation was on acquisitions, bottom-line growth and operating efficiencies. Mr. Ross has an MBA from Dalhousie University in Halifax, Nova Scotia and BAs in both Law and Economics from the University of Western Ontario. Greg held board positions with the Epilepsy Foundation of Colorado and the Front Range Amateur Hockey Association.
Mr. Ross commented, 'My interest in the cannabis industry stems from a Board position with the Epilepsy Foundation of Colorado where I became aware of the successful use of cannabis-related products in the treatment of epilepsy. Initially, my investment focus was in the medical marijuana processing segment in Ohio, and I subsequently became involved in the grow and processing aspects of the business in California.'
Mr. Ross continued, 'I still believe in the potential for cannabis to assist people in dealing with a variety of ailments and overall health, so I was excited to learn about International Cannabrands and the initiatives it was taking and planning, including the forthcoming acquisition of BioNeva Innovations and the launch of Baseline. To me, the Company appears to have direction, committed leadership and a sound plan, so I was both honored and excited to be asked to join as Board Observer. Hopefully, my years of experience as a C-level executive, small business operator, and consultant will be of some benefit to Steve Gormley and his team in the years ahead. I have a strong legal background gained from both law school and through almost 30 years of reviewing documents and negotiating contracts in the course acquiring, managing, growing and selling businesses.'
Further to the press releases dated February 13 and March 2, 2020*, the Company wishes to provide an update regarding its binding LOI with BioNeva Innovations which was initially projected to close on March 27, 2020. In light of the Coronavirus pandemic, parties have agreed to extend due diligence and closing of the agreement.
Steve Gormley, CEO of the Company commented: 'Despite the challenges we're all facing and some delays due to operating remotely during this time, the BioNeva agreement is moving forward and completion of diligence is our top priority. We look forward to updating shareholders as we draw closer to closing.'
*International Cannabrands Enters Into Binding LOI With BioNeva Innovations of Carson City, LLC to Acquire Cultivation in Nevada (https://www.prnewswire.com/news-releases/international-cannabrands-enters-into-binding-loi-with-bioneva-innovations-of-carson-city-llc-to-acquire-cultivation-in-nevada-301004360.html).
International Cannabrands CEO Publishes March 2020 Status Letter to Shareholders
About International Cannabrands
International Cannabrands is a CBD and cannabis-focused brand portfolio, leveraging the potential of the plant by offering best of breed products that naturally complement today's consumer lifestyles. The Company's mission is to build and market a diversified portfolio of cannabis and CBD brands, with strategic manufacturing and distribution partnerships to support better EBITDA and margins. ICI markets products with THC content where that practice has been legalized at the state level through either medicinal or recreational use. ICI also markets products containing CBD in the US and internationally. The Company believes as the legal cannabis and CBD markets evolve, high-quality, unique products will increasingly capture market share and provide a valuable platform for growth.
International Cannabrands Contact:
Chief Executive Officer
International Cannabrands, Ltd.
12655 W Jefferson Blvd
Los Angeles, CA, 90066
Ph: +1-(323)-828-4321 or email@example.com
Investor Relations Contact:
The Howard Group
#350, 318 - 11 Avenue SE
Calgary, AB T2G 0Y2
Ph: +1-(403)-221-0915 or firstname.lastname@example.org
Media Inquiries: email@example.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Disclaimer concerning Forward-looking Statements
Certain statements included herein constitute 'forward-looking statements' relating to the closing of the acquisition of BioNeva and related entities, within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Additional risks and uncertainties regarding the Company are described in its publicly-available disclosure documents filed by the Company on SEDAR (www.sedar.com). The forward-looking statements contained in this news release represent the Company's expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. Except as required by law, the Company does not intend, and undertakes no obligation to update any forward-looking statements to reflect, in particular, new information or future events.
SOURCE: International Cannabrands Inc.
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