Business
Iconic Brands-ICNB Green Grow Farms Inc Signs a Processer and Material Supplier Agreement for Hemp Biomass
Iconic Brands-ICNB Green Grow Farms Inc Signs a Processer and Material Supplier Agreement for Hemp Biomass.
About this update from Iconic Brands, Inc.
[{"type":"text","content":"\nAMITYVILLE, NY, March 28, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Iconic Brands, Inc. (OTC PINK: ICNB) announced today that Green Grow Farms Inc, which is under LOI for Iconic Brands to acquire a majority interest in, has secured a processor and material supplier agreement with one of the largest vertical Hemp processors in the world. \n This agreement is for an initial 2-year term and allows for a minimum of 2 million pounds of biomass to be processed to CBD isolate, and sold under a revenue sharing agreement. With average CBD percentage and processing efficiency rates from Green Grow’s farming operations, two million pounds should process into approximately 40,000 kilograms of CBD Isolate. Today’s current wholesale market rates for bulk sales of isolate are between $5,000 and $7500 per kilogram. Green Grow Farms is projecting 2019 first year biomass of 1 million pounds and is hopeful to exceed that amount by a multiple in 2020. Iconic Brands is completing its final due diligence including current lease agreements and farming contracts and hopes to move to definitive closing documents over the next 2 weeks. Mr. Richard Decicco stated, “This agreement was a significant step for the Green Grow team, while there is some work to do before we close, based on the prospects thus far we are very motivated to bring this transaction to a close for our company.” About Iconic Brands, Inc. Iconic Brands Inc. (\"Iconic\") is a beverage 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. Currently offering Bivi Vodka, www.BiviVodka.com and Bellissima Prosecco, www.BellissimaProsecco.com. Iconic Brands is a developer of private label spirits for established chains and brands both domestically and Internationally. Under the newly formed subsidiary, Hempology Inc., Iconic Brands is, to the extent the law allows, developing liquor based products infused with Hemp and CBD Please visit our website and follow us on tw...