LAS VEGAS, NV, April 17, 2018 (GLOBE NEWSWIRE) -- Freedom Leaf Inc. (OTC:FRLF), a group of diversified, international, vertically-integrated hemp business and cannabis media companies, consummated its previously-announced acquisition of the Irie CBD Product Line, including virtually all: assets, trademarks, formulating equipment, formulas and products.
Irie is a California-based CBD, “Cannabidiol”, product line that, and has been operating since 2015, it 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 and net profits in excess of $200,000. Irie also leases a full manufacturing and processing facility in Oakland, California.
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 business model – increasing our revenues and margins. Freedom Leaf already has commenced providing Irie CBD with the raw material from our Leafceuticals extractions. Going forward we will produce our exclusive Hempology full spectrum hemp CBD line utilizing 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 paid $356,080 in cash and approximately 8,118,886 shares of the Company’s common stock (valued at $1.844 million). The transaction provided for possible purchase price reductions based on the acquisition achieving targeted post-closing monthly revenue targets.
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 CBD product line; its extraction and distribution division Leafceuticals Inc, and its 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 Inc.®
Freedom Leaf Inc., The Marijuana Legalization Company®, is a group of diversified, international, vertically-integrated hemp businesses and cannabis media companies. Freedom Leaf Inc. is a fully-reporting and audited publicly-traded company under the symbol (OTCQB: FRLF). Freedom Leaf Inc. has been working since 2014 to build a diverse portfolio of related cannabis and hemp businesses through strategic mergers and acquisitions across the industry.
FRLF’s large portfolio of acquisitions includes: our recently acquired hemp CBD product line Irie CBD; our wholly-owned hemp extraction division Leafceuticals, Inc.; our exclusive health and wellness CBD brand Hempology; our 60,000 acres of hemp greenhouse cultivation with the acquisition of Green Market Europe; our hemp-based rolling paper company Plants to Paper; two of the largest Spanish-speaking cannabis web portals in the world LaMarihuana.com and Marihuana-Medicinal.com, and, of course, our flagship publication, Freedom Leaf Magazine.
Utilizing these mergers and acquisitions, Freedom Leaf Inc. is continually building a solid foundation for our vertically-integrated cannabis/hemp company to maximize both revenue growth and shareholder value. Our cultivation and extraction divisions allow FRLF to grow and source our own hemp CBD, which allows dramatically lower production costs for our wholly-owned CBD product lines, thereby generating more revenue for each product sold. In addition, our extensive domestic and international media companies ensure we can continuously direct organic traffic to our many eCommerce sites and retail locations.
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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