“FRLF” has signed an agreement to acquire the assets & product lines of 4, related revenue-generating companies that formulate and sell CBD
LAS VEGAS, NV, March 06, 2018 (GLOBE NEWSWIRE) -- Freedom Leaf, Inc. (OTCQB: FRLF), a group of diversified, international, vertically-integrated cannabis/hemp business and media companies, today announced that it has signed a definitive agreement to acquire the Irie CBD Product Line, including all: assets, trademarks, formulating equipment, formulas and products.
Irie CBD is a California-based product line that, and has been operating since 2015, formulates, manufactures and distributes CBD tinctures, CBD edibles, CBD topicals and CBD concentrates to retail markets across the country. Irie boasts a large inventory of more than 25 different products, and recorded approximately $1.5 million of revenue in 2017. Irie also leases a full manufacturing and processing facility in Oakland, California that is included in the acquisition.
In addition to the Irie CBD line and associated assets and trademarks, the acquisition also includes the product lines, websites and other assets of: Earth Born, Inc., a California corporation; Earth Born, Inc., a Delaware corporation; Irie Living, a California nonprofit mutual benefit corporation, and Genesis Media Works, LLC, a Utah limited liability company doing business as “Terra’s Way,” “Irie Hemp Company,” and “Earth Born Botanicals”.
Clifford Perry, CEO and Co-Founder of Freedom Leaf, commented: “The acquisition of the Irie CBD product lines adds another level of integration to our already vertically-integrated corporation. Freedom Leaf will be able to provide Irie CBD with the raw material from our Leafceuticals extractions, and directly produce our exclusive Hempology CBD line with Irie’s existing processing facilities.” Perry explained further: “In addition to the revenue generation and processing capabilities resulting from this acquisition, Freedom Leaf hopes to be able to utilize the established name of Irie CBD to market the Hempology CBD.”
Freedom Leaf will pay $400,000 in cash and approximately 1.8 million shares of common stock valued at $0.23 per share with an anticipated closing date of April 15th and possible certain purchase price reductions depending on historic revenue of the target companies.
Richard Groberg, Chief Financial Officer for Freedom Leaf, also explained: “Completing the Irie CBD acquisition is directly in line with Freedom Leaf’s goal of creating a more financially stable corporation in the cannabis/hemp space. Freedom Leaf expects to see a direct growth in sales for the target’s existing product lines as well as providing various cost-saving and revenue-enhancing aspects to Freedom Leaf’s existing businesses.” Groberg went on to say: “While we plan to retain the targets key executives, at least through a transition period, the application of the years of experience of Freedom Leaf’s team to the Irie CBD team should be invaluable in growing their revenues.”
The acquisition of Irie CBD adds to Freedom Leaf’s current portfolio of cannabis/hemp media and processing companies, including their flagship publication Freedom Leaf Magazine, one of the largest Spanish-speaking web portal in the world LaMarihuana.com, the exclusive high-quality Hempology CBD product line, their extraction and distribution division Leafceuticals Inc, and European hemp cultivation and production company Green Market Europe. The acquired assets include the following web sites: www.iriecbd.com, www.iriejournal.com, www.iriemedicinals.com, www.irieliving.org, www.iriehemp.com, www.earthbornbotanicals,com, www.terrasway.com, www.pranahemp.com and www.nirvanahemp.com.
About Freedom Leaf®
Freedom Leaf, Inc., The Marijuana Legalization Company®, is a fully-reporting and audited, publicly-traded company trading under the symbol (OTCQB: FRLF), a group of diversified, international, vertically-integrated Cannabis/Hemp/CBD businesses and media companies
Freedom Leaf, Inc. is a leading, go-to resource in the cannabis, medical and recreational marijuana, CBD and industrial hemp industries. It is involved in mergers and acquisitions in these industries, including acceleration and spin offs of new companies involved in those industries.
Freedom Leaf Inc.'s flagship publication is Freedom Leaf Magazine, The Good News in Marijuana Reform. The company produces a portfolio of news, print and digital multi-media verticals, websites, and web advertising, for the ever-changing emerging cannabis, medical marijuana and industrial hemp industry. The Company also controls LaMarihuana.com, the world’s leading Spanish publication focused on these industries.
Freedom Leaf, Inc. does not handle, grow, sell, or dispense marijuana or related products
All of our European activities are in full compliance with relevant EU laws.
Investor relations information can be found on the FreedomLeafInc.com company website.
Safe Harbor Statement
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. All statements other than statements of historical facts included in this news release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other media and cannabis/hemp-related products and services; the effects of changes in laws governing the cannabis and hemp industries; our ability to successfully develop and sell new products and services; our success establishing and maintaining industry relationships, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our prior filings with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Contact: Raymond Medeiros PR and Business Development Director Phone: 415-601-1974 firstname.lastname@example.org Freedom Leaf, Inc.
Source:Freedom Leaf, Inc.