| Previous Close | 0.3500 |
| Open | 0.0000 |
| Bid | 0.3450 x 0 |
| Ask | 0.3500 x 0 |
| Day's Range | 0.0000 - 0.0000 |
| 52 Week Range | |
| Volume | 0 |
| Avg. Volume | 592,122 |
| Market Cap | 79.767M |
| Beta (5Y Monthly) | 1.38 |
| PE Ratio (TTM) | 58.33 |
| EPS (TTM) | 0.0060 |
| Earnings Date | Jun. 21, 2021 - Jun. 30, 2021 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | N/A |
- GlobeNewswire
Icanic Brands Enters into Definitive Agreement to acquire THC Engineering
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, April 15, 2021 (GLOBE NEWSWIRE) -- Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), a multi-state brand operator in California and Nevada, is pleased to announce that it has entered into a share exchange agreement dated April 7, 2021 (the “Definitive Agreement”) among the Company, THC Engineering, LLC (“THC Engineering”), THC Engineering Holdings, LLC (“THC Holdings”, and collectively with THC Engineering, “THC”), and the unitholders of THC (the “Unitholders”), pursuant to which the Company will acquire 100% of the issued and outstanding units of membership interest (the “Units”) of THC (the “Transaction”). In consideration for the Transaction and pursuant to the terms of the Definitive Agreement, the Company will issue 3,734,208 common shares in the capital of the Company (the “Consideration Shares”) to the Unitholders pro rata in proportion to their holdings of Units at the time of closing (“Closing”). Further, the Unitholders shall pro rata receive fifteen percent (15%) of net revenue derived from the Company licensing solely the intellectual property rights owned by THC throughout North America for a period ending three (3) years following Closing. In addition, subject to completion of certain technological milestones, the Company may issue additional common shares in the capital of the Company (the “Technology Shares”) to the Unitholders pro rata in proportion to their holdings of Units at Closing having an aggregate value of USD$2,750,000. The Consideration Shares and Technology Shares, as applicable, will be subject to escrow and/or resale conditions as required by applicable securities laws and the policies of the Canadian Securities Exchange (the “CSE”). The Transaction remains subject to certain closing conditions including, without limitation: (a) the receipt of all necessary corporate and regulatory approval; (b) each party's representations and warranties in the Definitive Agreement being true and correct in all aspects as of the date of Closing; and (c) each party meeting its terms and conditions and completing its covenants and obligations as contained therein. There can be no assurance that the Transaction will be completed as proposed or at all. Closing of the Transaction is expected to occur on or about April 15, 2021. None of the securities to be issued pursuant to the Transaction have been or will be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and any securities issued pursuant to the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Rule 506(b) of Regulation D and/or Section 4(a)(2) of the U.S. Securities Act and applicable exemptions under state securities laws. In addition, the securities issued under an exemption from the registration requirements of the U.S. Securities Act will be “restricted securities” as defined under Rule 144(a)(3) of the U.S. Securities Act and will contain the appropriate restrictive legend as required under the U.S. Securities Act. About Icanic Brands Company, Inc. Icanic Brands Company, Inc. is a leading cannabis branded products manufacturer based in California & Nevada, the largest and most competitive cannabis markets in the world. The company’s mission is to make cannabis safe and approachable - that starts with manufacturing high-quality products delivering consistent experiences. For more information, please visit the company’s website at: www.icaninc.com. About Ganja Gold Ganja Gold, Inc., a wholly-owned subsidiary of Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF), is the premier brand of infused pre-rolls in the state. Ganja Gold focuses on using only the best available flower and concentrates with state of the art proprietary technology to create connoisseur level pre-rolls unseen in the marketplace. With our flagship Tarantula™, Ganja Gold continues to set the bar in quality and experience. For more information about Ganja Gold, visit their website at www.ganjagold.com ICANIC BRANDS COMPANY INC. Per:“Brandon Kou” Chief Executive Officer For further information about Icanic Brands, please contact the Company at: Email: ir@icaninc.com Phone: (778) 999-4226 Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. FORWARD LOOKING STATEMENTS: Completion of the Transaction is subject to a number of conditions, including receipt of appropriate regulatory approvals. The Transaction cannot close until all such conditions are satisfied. There can be no assurance that the Transaction will be completed as proposed or at all. Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
- GlobeNewswire
Icanic Brands Announces Financial Results for Period Ended January 31, 2021: California Cannabis Operations Drive 65% Increase in Revenue From Last Year
Revenue of CAD$2.8 million – an increase of 65% from CAD$1.7 million for the same time last yearGross margin increases to 41% vs 16% last year same timeAdjusted EBITDA of CAD$92,481Financial results are not inclusive of the current in-progress move to the Concord, CA facility, which is more than double the size, as well as the 2nd automated pre-roll machine which is expected to arrive in 2021 Calendar Q2. VANCOUVER, British Columbia, April 06, 2021 (GLOBE NEWSWIRE) -- Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), a multi-state brand operator of premium Cannabis brands in California and Nevada, today reports its financial results for the period ended January 31st, 2021. All currency references used in this news release are in Canadian currency unless otherwise noted. Management CommentaryMr. Brandon Kou, CEO of Icanic commented, “I am really proud of what the entire team accomplished even during this global pandemic. We were able to grow revenues significantly from the same time last year while improving our gross margin dramatically. Our plan was always to build a sustainable foundation with a superior gross margin profile in the calendar year of 2020 and these quarterly results show that we are well on our way. As we continue to look to 2021, we will no doubt turn our attention to growth both organically through our leading brands as well as taking advantage of opportunities in the market that will help us accomplish our goals quicker.” Summary of 2021 Developments: Icanic Brands sees 65% increase in revenue for period ended January 31st, 2021, from the same time period last yearThe company received over $1,000,000 cash injection via exercise of warrantsMr. Mark Smith joined Icanic Brands as Executive Chairman About Icanic Brands Company, Inc.Icanic Brands Company, Inc. is a leading cannabis branded products manufacturer based in California & Nevada, the largest and most competitive cannabis markets in the world. The company’s mission is to make cannabis safe and approachable - that starts with manufacturing high-quality products delivering consistent experiences. For more information, please visit the company’s website at: www.icaninc.com. About Ganja GoldGanja Gold, Inc., a wholly-owned subsidiary of Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF), is the premier brand of infused pre-rolls in the state. Ganja Gold focuses on using only the best available flower and concentrates with state of the art proprietary technology to create connoisseur level pre-rolls unseen in the marketplace. With our flagship Tarantula™, Ganja Gold continues to set the bar in quality and experience. For more information about Ganja Gold, visit their website at www.ganjagold.com ICANIC BRANDS COMPANY INC.Per: “Brandon Kou”Chief Executive Officer For further information about Icanic Brands, please contact the Company at:Email: ir@icaninc.com The CSE does not accept responsibility for the adequacy or accuracy of this release. Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
- GlobeNewswire
Icanic Brands Receives Over $1,000,000 Cash Injection via Exercise of Warrants
VANCOUVER, British Columbia, March 15, 2021 (GLOBE NEWSWIRE) -- Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), a multi-state brand operator of premium Cannabis brands in California and Nevada, is pleased to announce the Company has thus far received $1,083,773 from the exercise of warrants during Q1-2021. In addition to the Company being cash flow positive, the receipt of over $1,000,000 from the exercise of warrants helps strengthen the Company’s financial resources and balance sheet. “The exercise of the warrants is another great step for our company to further strengthen our balance sheet,” said Brandon Kou, CEO of Icanic Brands. “This vote of confidence from our investors is validation for our team and continues to show us we are moving in the right direction on a daily basis. We are excited to be able to utilize this additional capital in meaningful ways to further increase shareholder value.” Icanic Brands would also like to announce the Company has entered into a 6 month marketing and consulting contract with North Equities Corp., (“North Equities”). North Equities will facilitate greater investor engagement and widespread dissemination of the Company’s news as well as increase the Company’s current social media presence. In accordance with the terms of the agreement, the Company will issue North Equities 183,150 common shares (the “Shares”) at a deemed price of $0.546 per share, for a 6-month engagement ending September 12, 2021. The Shares are priced by calculating the 7-day volume-weighted average trading price of the Company’s common shares for the 7 trading days prior to the execution of the Agreement. All Shares issued are subject to a statutory 4-month hold period. About North Equities: The North Equities team has more than 100 team-years of equity experience and has helped more than 200 companies acquire more than 120k+ investors combined. With the perfect combination of expertise, tactics, and a track record in fundraising and marketing, North Equities has created the next evolution of investor engagement and marketing. About Icanic Brands Company, Inc.Icanic Brands Company, Inc. is a leading cannabis branded products manufacturer based in California & Nevada, the largest and most competitive cannabis markets in the world. The company’s mission is to make cannabis safe and approachable - that starts with manufacturing high-quality products delivering consistent experiences. For more information, please visit the company’s website at: www.icaninc.com. About Ganja Gold Ganja Gold, Inc., a wholly-owned subsidiary of Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF), is the premier brand of infused pre-rolls in the state. Ganja Gold focuses on using only the best available flower and concentrates with state of the art proprietary technology to create connoisseur level pre-rolls unseen in the marketplace. With our flagship Tarantula™, Ganja Gold continues to set the bar in quality and experience. For more information about Ganja Gold, visit their website at www.ganjagold.com ICANIC BRANDS COMPANY INC. Per:“Brandon Kou” Chief Executive Officer For further information about Icanic Brands, please contact the Company at:Email: ir@icaninc.comPhone: (778)999-4226 The CSE does not accept responsibility for the adequacy or accuracy of this release. Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
