Business
Canbiola, Inc. Signs Contract to Acquire Green Grow Farms from Iconic Brands
Canbiola, Inc. Signs Contract to Acquire Green Grow Farms from Iconic Brands.
About this update from Iconic Brands, Inc.
[{"type":"text","content":"\n HICKSVILLE, NY, Dec. 09, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Canbiola, Inc. (OTCQB: CANB) (“Canbiola” or the “Company”), a developer, manufacturer and supplier of a variety of hemp-derived THC-Free Cannabidiol (CBD) Isolate products such as oils, drops/tinctures, creams, moisturizers, chews, and capsules, announced today it executed an agreement for an all-stock transaction to acquire 51% of Green Grow Farms Inc from Iconic Brands, Inc. (OTCQB: ICNB).  In addition, Canbiola is negotiating an option to purchase the remaining 49% minority interest from NY Farm Group. The transaction will consist of all stock valued at $1 million, full terms can be found in the Company’s current 8K filing filed December 6, 2019. Green Grow Farms Inc is licensed by New York State to grow hemp under the Hemp Research Pilot Program. Green Grow Farms grows industrial hemp for grain, flower, and CBD. Green Grow Farms has successfully grown and harvested 6 Acres on two farms in Calverton, NY this year, yielding in excess of 12,000 pounds of dried biomass. The current New York inventory consists of Suver Haze and Sweetened varieties with CBD content ranging from 13% to 16%. This product is being sold as biomass for processing into isolate and/or distillate and to wholesalers and retailers for processing as smokable flower and pre-rolls. Additionally, Green Grow Farms has a cultivation partnership with Fox Trot Farms LLC in Meigs County, Tennessee. This 50/50 partnership is a 35 acre grow with over 100,000 Late Sue variety clones which have reached maturity and are presently being harvested. Additionally, various quantities of different varieties have been harvested. This product will be mostly processed to raw material for our consumer product line. The close of this transaction will further the full vertical integration goals of Canbiola. The company now has successful consumer brands under the Pure Leaf Oil, Seven Shakra’s and Canbiola names and a full company-owned production facility in Lacy, Washington where all the products are manufactured, and white label services are provided. In addition, the Company announced in July of this year our joint venture with Shi Farms to be minority equity partners in a full processing facility in Pueblo, Colorado and with the intended acquisition of Green Gro...