IONIC Brands (CSE: IONC) (OTC: IONKF) (FRA: IB3) this morning announced the successful completion of its acquisition of Washington-based Natural Extractions, Inc. d/b/a Zoots Premium Cannabis Infused Edibles. The total consideration for the purchase of Zoots is approximately US $11 million, comprised of US $855,000 cash and issuance of 9,635,150 common shares at C$1.30 per share to the vendors of Zoots, and the assumption of US $606,420 in outstanding debt. Additionally, the vendors have agreed to a lock-up agreement whereby up to 70% of the consideration shares are released over nine months. IONIC will also issue to the shareholders of Zoots up to 4.8 million common share purchase warrants that are exercisable over three years with an exercise price of C$1.33 per share. The issuance of shares is subject to approval by the board and the CSE. “Ionic Brands has been working closely with the Zoots leadership team to integrate companies and transition the Zoots line of handcrafted and trusted edible products. Our top-rated Ionic vaporizer pen targets consumers interested in luxury cannabis products that can be discreetly consumed which make Zoots edibles a natural fit for our brand strategy. The Zoots acquisition expands our market segments to the popular edibles space and expands our distribution network throughout the United States. We are also very pleased to have Mr. Dan Devlin continues as the company’s Chief Operating Officer,” IONIC BRANDS Chairman and CEO John Gorst stated in the news release.
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About IONIC Brands Corp.
IONIC Brands is focused on building a multi-state consumer-focused cannabis concentrate brand portfolio focusing on the premium and luxury segments. The cornerstone brand of the portfolio, IONIC, is the No. 1 vaporizer brand in Washington State and has aggressively expanded throughout the West Coast of the United States. The brand is currently operating in Washington, Nevada, Oregon and California. IONIC BRANDS’ strategy is to be the leader of the highest-value segments of the cannabis market and expand nationally. For more information, visit the company’s website at www.IONIC.social.
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