(Image Credit: Nick Youngson)
VANCOUVER, BC / ACCESSWIRE / April 28, 2017 / Laguna Blends Inc. (CSE: LAG) (OTC Pink: LAGBF) (FSE: LB6A.F) (the "Company" or "Laguna") is pleased to announce that it has signed a definitive agreement (the "Agreement") to acquire 100% of ISO International, LLC, doing business as Isodiol, a global cannabis leader with unaudited annualized sales of over $16,149,000 CDN and adjusted EBITDA of over $2,135,000 CDN.
Company Website: www.isodiol.com
Isodiol and its team of collaborators grow and harvest hemp on an industrial scale, then process it to extract various phytocannabinoids to the highest available purity for worldwide distribution. Isodiol is the premium choice for industrial volumes of high grade phytocannabinoids for pharmaceutical, nutraceutical and cosmetic companies worldwide.
The acquisition of Isodiol establishes Laguna as the international leader in the Global cannabis industry. Isodiol has an extensive portfolio of intellectual property and hemp driven products including isolates, full spectrum oils, pain creams, oral sprays and other innovative nutraceutical products and technologies. In addition, Isodiol has launched a medical division that is currently working with a team of doctors for developing advanced cannabis based pharmaceutical products.
Marcos Agramont, COO of Laguna stated, "The acquisition of Isodiol marks a major milestone for Laguna and gives the Company a sizable presence in the rapidly growing global cannabis market. With over $16,000,000.00 CAD in 2016 unaudited annualized revenue and significant sales growth projected for 2017, Laguna has added significant shareholder value through this strategic acquisition. The acquisition of Isodiol, combined Laguna's recently signed distribution/sales agreement for its Cannaceuticals skin care line in Asia and Europe, we are extremely optimistic for the Company's 2017 growth outlook."
Jared Berry, CEO of ISO International stated, "As we move forward through the acquisition process and create one combined entity, Isodiol will continue to focus on high growth strategies and additional acquisitions. It is important to continue to diversify our revenue channels with new initiatives and product offerings which will add tremendous value to our current and future shareholders."
The transaction will be fully executed within 30 days of the definitive agreement dated April 27th, 2017. Additional details around the formation of management and consolidated operations will be provided in the coming weeks.
As a part of the transaction, Laguna will issue 37,500,000 shares at a deemed price of $0.12 per share and pay $6,000,000 USD in staged payments over the following 12 months. A payment of $500,000 will be due within 30 days of signing the definitive agreement with the next payment due on the 6 month anniversary of signing. The shares will be subject to a 4 month hold and subsequently released on a schedule of 1/12 per month over 12 months.
About Laguna Blends Inc.
Laguna Blends is a market leader in the distribution of cannabis based products. Laguna's growth strategy includes acquiring and incubating companies who formulate and/or manufacture cannabis products. Laguna provides the highest quality products and experience for consumers, utilizing a proprietary nanotechnology in its consumable and topical skin care products. Laguna is currently seeking joint ventures and acquisitions to expand its portfolio and will aggressively continue its international expansion into Latin America, Asia and Europe throughout 2017.
On behalf of the board
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This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business, products and future the Company's business, its product offerings and plans for sales and marketing. Although the Company believes that the expectations reflected in the forward looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Such forward looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company's products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation, and does not intend, to update any forward looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
The CSE has not reviewed, approved or disapproved the content of this press release.