icnaf - ICNAF STOCK NEWS

LEEF Brands Inc. (CSE: LEEF, OTCQB: LEEEF) announced the resignation of director Brandon Kou, effective March 3, 2023. Micah Anderson, CEO, expressed gratitude for Kou's contributions and confirmed that the search for a new board member has commenced. Additionally, LEEF approved the issuance of 799,528 restricted stock units (RSUs) to consultants, with 476,947 vesting immediately and the remainder over 12 months. The company also issued 3,973,081 common shares at $0.08 per share to settle a $200,000 note payable, including accrued interest. LEEF aims to continue producing top-tier cannabis products in California.

LEEF Brands Inc. has announced an exclusive sales and licensing agreement with Buddies Brand, a top ten cannabis brand in California known for vapes and concentrates. This partnership aims to leverage combined sales expertise to enhance product distribution and increase efficiency between the two companies. CEO Micah Anderson emphasizes the strategic importance of adding Buddies to LEEF's portfolio to maximize investments in sales and improve revenue per retail location. Buddies CEO Michael Cook also expressed enthusiasm for the collaboration, highlighting the potential benefits for both brands in the competitive California market.

LEEF Brands, Inc. (OTCQB: ICNAF) has successfully acquired The Leaf at 73740 LLC, a premium cannabis retailer in Palm Desert, California, in an all-stock transaction valued at approximately $6.19 million. This acquisition, effective January 11, 2023, aims to enhance LEEF's retail presence and brand integration in key markets. The Leaf's established platform serves over 100,000 residents and tourists, positioning LEEF for operational efficiencies and revenue growth. The transaction includes 92,901,504 common shares at $0.0666 each. A total of 8,450,000 restricted stock units were also granted to Company executives.

Icanic Brands Company Inc. (CSE: ICAN)(OTCQB: ICNAF), a California-based cannabis extraction and manufacturing company, has announced its rebranding to Leef Brands Inc., effective December 7, 2022. The company's common shares will trade under the new symbol 'LEEF'. This strategic name change reflects the final integration of Leef Holdings and aims to streamline branding and marketing efforts. Leef intends to focus on increasing in-house branded product offerings and improving margins through enhanced manufacturing capabilities while exploring partnerships and acquisitions in new markets.

Icanic Brands Company has reported impressive financial results for the three and nine months ending September 30, 2022. Net sales reached $6,990,820 for Q3, a 180% increase year-over-year, while nine-month sales totaled $22,481,453, reflecting a 192% rise. Gross profit for Q3 was $2,056,650 with a gross margin of 29.42%, and Adjusted EBITDA stood at $6,316,732. The growth is attributed to the integration of LEEF Holdings and a strategic shift towards high-margin products. CEO Micah Anderson expressed confidence in the company's direction despite industry challenges.

Icanic Brands Company acknowledges President Joe Biden's executive order to pardon all federally convicted individuals for simple possession of marijuana, a move towards federal cannabis reform. With sophisticated manufacturing capabilities processing 1.2 million pounds of cannabis annually and owning a leading cultivation site, Icanic is poised to leverage potential federal legalization effectively. CEO Micah Anderson expresses optimism that this step indicates a shift away from cannabis prohibition, potentially benefiting the industry.

Icanic Brands Company has signed a non-binding Letter of Intent to acquire 100% of The Leaf at 73740 LLC, a premium cannabis retailer in Palm Desert, CA. The acquisition price is set at 1.0x The Leaf’s trailing twelve-month revenue, payable in stock based on a 10-day volume-weighted average price. This marks Icanic's strategic move toward becoming a vertically integrated entity, enhancing its retail footprint. The Leaf is known for its luxury retail experience and strong community ties, serving over 100,000 residents and tourists in the area.

Icanic Brands Company announced the completion of its recapitalization transaction on September 9, 2022, following the approval of certain holders of the 2019 secured convertible debentures. Investors received 25% of their principal and interest in cash (approx. US$3.73 million) and new secured debentures totaling 75% (approx. US$11.18 million) with an 11% interest rate maturing in 24 months. Additionally, the company completed a private placement for C$1.3 million in new secured debentures. Funds will be used for working capital and corporate purposes.