LAS VEGAS, NV, March 06, 2018 (GLOBE NEWSWIRE) -- Freedom Leaf, Inc. (OTC:FRLF), a group of diversified, international, vertically-integrated cannabis/hemp business and media companies, today announced that it has signed a definitive agreement to acquire the Irie CBD Product Line, including all: assets, trademarks, formulating equipment, formulas and products.
Irie CBD is a California-based product line that, and has been operating since 2015, formulates, manufactures and distributes CBD tinctures, CBD edibles, CBD topicals and CBD concentrates to retail markets across the country. Irie boasts a large inventory of more than 25 different products, and recorded approximately $1.5 million of revenue in 2017. Irie also leases a full manufacturing and processing facility in Oakland, California that is included in the acquisition.
In addition to the Irie CBD line and associated assets and trademarks, the acquisition also includes the product lines, websites and other assets of: Earth Born, Inc., a California corporation; Earth Born, Inc., a Delaware corporation; Irie Living, a California nonprofit mutual benefit corporation, and Genesis Media Works, LLC, a Utah limited liability company doing business as “Terra’s Way,” “Irie Hemp Company,” and “Earth Born Botanicals”.
Clifford Perry, CEO and Co-Founder of Freedom Leaf, commented: “The acquisition of the Irie CBD product lines adds another level of integration to our already vertically-integrated corporation. Freedom Leaf will be able to provide Irie CBD with the raw material from our Leafceuticals extractions, and directly produce our exclusive Hempology CBD line with Irie’s existing processing facilities.” Perry explained further: “In addition to the revenue generation and processing capabilities resulting from this acquisition, Freedom Leaf hopes to be able to utilize the established name of Irie CBD to market the Hempology CBD.”
Freedom Leaf will pay $400,000 in cash and approximately 1.8 million shares of common stock valued at $0.23 per share with an anticipated closing date of April 15th and possible certain purchase price reductions depending on historic revenue of the target companies.
Richard Groberg, Chief Financial Officer for Freedom Leaf, also explained: “Completing the Irie CBD acquisition is directly in line with Freedom Leaf’s goal of creating a more financially stable corporation in the cannabis/hemp space. Freedom Leaf expects to see a direct growth in sales for the target’s existing product lines as well as providing various cost-saving and revenue-enhancing aspects to Freedom Leaf’s existing businesses.” Groberg went on to say: “While we plan to retain the targets key executives, at least through a transition period, the application of the years of experience of Freedom Leaf’s team to the Irie CBD team should be invaluable in growing their revenues.”
The acquisition of Irie CBD adds to Freedom Leaf’s current portfolio of cannabis/hemp media and processing companies, including their flagship publication Freedom Leaf Magazine, one of the largest Spanish-speaking web portal in the world LaMarihuana.com, the exclusive high-quality Hempology CBDproduct line, their extraction and distribution division Leafceuticals Inc, and European hemp cultivation and production company Green Market Europe. The acquired assets include the following web sites: www.iriecbd.com, www.iriejournal.com, www.iriemedicinals.com, www.irieliving.org, www.iriehemp.com, www.earthbornbotanicals,com, www.terrasway.com, www.pranahemp.com and www.nirvanahemp.com.
About Freedom Leaf®
Freedom Leaf, Inc., The Marijuana Legalization Company®, is a fully-reporting and audited, publicly-traded company trading under the symbol (OTCQB:FRLF), a group of diversified, international, vertically-integrated Cannabis/Hemp/CBD businesses and media companies.
Freedom Leaf, Inc. is a leading, go-to resource in the cannabis, medical and recreational marijuana, CBD and industrial hemp industries. It is involved in mergers and acquisitions in these industries, including acceleration and spin offs of new companies involved in those industries.
Freedom Leaf Inc.'s flagship publication is Freedom Leaf Magazine, The Good News in Marijuana Reform. The company produces a portfolio of news, print and digital multi-media verticals, websites, and web advertising, for the ever-changing emerging cannabis, medical marijuana and industrial hemp industry. The Company also controls LaMarihuana.com, the world’s leading Spanish publication focused on these industries.
Freedom Leaf, Inc. does not handle, grow, sell, or dispense marijuana or related products.
All of our European activities are in full compliance with relevant EU laws.
Investor relations information can be found on the FreedomLeafInc.com company website.
Safe Harbor Statement
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