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Icanic Brands Company (CSE: ICAN, OTCQB: ICNAF) reports strong financial results for the three and six months ended June 30, 2022. Net sales reached $8,121,247 for Q2 and $15,490,633 year-to-date, marking increases of 26.5% and 84.9% year-over-year, respectively. The company achieved a gross profit of $2,684,101 for Q2, with a gross margin of 33.05%. Adjusted EBITDA was ($31,801) for Q2 and $1,589,719 year-to-date. CEO Micah Anderson highlighted the positive impacts of the LEEF acquisition and ongoing strategic partnerships aimed at enhancing brand presence in California.
Icanic Brands Company has appointed Micah Anderson as CEO, succeeding Brandon Kou, who remains on the Board. Anderson, a cannabis expert and founder of LEEF Holdings, aims to leverage his experience to enhance Icanic’s operations following its acquisition of LEEF in April 2022. Under his leadership, Icanic intends to strengthen its position in the cannabis sector, utilizing its manufacturing facility and brand portfolio. The transition reflects a commitment to growth and innovation in California's competitive cannabis market.
Icanic Brands Company announces final approval from the Supreme Court of British Columbia for its plan of arrangement, previously approved by secured debentureholders on August 8, 2022. This plan is part of the company's recapitalization transaction aimed at enhancing operational stability. The court and debentureholder approvals are crucial conditions met, with the closing of the transaction expected by the end of Q3 2022, pending customary closing conditions. Icanic operates in California's competitive cannabis market, focusing on high-quality branded products.
Icanic Brands Company announced that on August 8, 2022, 98.59% of Secured Debentureholders voted in favor of a recapitalization transaction. This plan will proceed via a court-approved arrangement under British Columbia's Business Corporations Act. A hearing for final court approval is set for August 15, 2022. The Company aims to ensure the safe and approachable manufacture of premium cannabis products, operating primarily in California's competitive market.
Icanic Brands announced that the Supreme Court of British Columbia has issued an interim order allowing a meeting for holders of the 2019 secured convertible debentures to vote on a recapitalization plan. This plan aims to provide liquidity to debenture holders while equipping the company with necessary resources for growth. If approved, debenture holders will receive 25% of their outstanding amounts in cash and 75% in new secured debentures with an interest rate of 11%. A meeting is scheduled for August 8, 2022, to discuss this arrangement.
Icanic Brands Company, a multi-state cannabis brand operator, has shifted its fiscal year-end from July 31 to December 31. This change aligns its reporting with that of LEEF Holdings, the extraction company acquired on April 20, 2022. For the transitional 17-month period, the company will issue audited financial statements covering August 1, 2021, to December 31, 2022. A notice detailing the new corporate structure and reporting periods has been filed with SEDAR.
Icanic Brands Company, a multi-state cannabis operator, has provided an update on its acquisition of LEEF Holdings, Inc., originally announced in an all-stock transaction on August 31, 2021. The companies are working towards a definitive agreement, expected to be finalized by December 31, 2021. Icanic Brands aims to expand its footprint in the competitive cannabis markets of California and Nevada, focusing on delivering premium, high-quality products.
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