Business
Iconic Brands Announces Sale of its Majority Interest in Green Grow Farms, Inc.
Iconic Brands Announces Sale of its Majority Interest in Green Grow Farms, Inc..
About this update from Iconic Brands, Inc.
[{"type":"text","content":"\n Company to focus on Hooters Spirits national roll out, Bellisima’s launch in select European countries, and introduction of new and innovative Iconic brands Amityville, NY, Dec. 09, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Iconic Brands, Inc. (OTCQB: ICNB) (“Iconic” or the “Company”) today announced that it has entered into a Stock Purchase Agreement (the “Agreement”) with Canbiola, Inc. (OTCQB: CANB) (“Canbiola”) and Green Grow Farms, Inc. (“Green Grow”) for the sale of Iconic’s majority equity interest in Green Grow in consideration for 37,500,000 shares of Canbiola’s common stock, subject to an upward adjustment in shares based on the market price per share (as defined in the Agreement) of CANB on June 30, 2020. The sale monetizes a non-core asset and allows Iconic to devote all of its resources and attention to further growing its alcohol brands, including expanding the launch of the Hooters Spirits brand across the United States, launching Bellissima in the U.K., Finland, and Norway, and developing new products to be brought to market in 2020.   Richard DeCicco, Chief Executive Officer of Iconic, stated, “I’m excited to have Canbiola use their expertise in CBD to expand Green Grow, as our shareholders will now be able to benefit from our ownership of CANB stock. It is now time for our Company to seize the meaningful opportunities in front of us and devote our time and resources to the great alcohol brands that Iconic is known for. We are currently in discussions with several new and exciting brands and expect 2020 to be a fantastic year for the Company. We look forward to providing more updates to our shareholders in the coming weeks and months.” About Iconic Brands, Inc. Iconic Brands, Inc. is a lifestyle branding company with the highest expertise of developing, from inception to completion, alcoholic beverages for itself and third parties. Iconic Brands markets and places products into national distribution through long standing industry relationships. Iconic is a leader in \"Celebrity Branding\" of beverages, procuring superior and unique products from around the world and branding its products with internationally recognized celebrities. It currently offers Bellissima Prosecco and Bivi Vodka. In addition, Ic...