Icon Exploration Inc. (TSX.V: IEX.H) Continues Move into Cannabis Industry Following City View Green Acquisition

January 28, 2019 11:11:28
  • Icon Exploration CEO Rob Fia selected City View Green after careful consideration of industry trends and expectations
  • City View Green team offers experience and production potential, as well as a 40,000 square foot production facility and a pending medical license through Health Canada
  • Medicinal cannabis market has been projected to reach $25 billion by 2020

Icon Exploration Inc. (TSX.V: IEX.H), a well-diversified company aiming to augment its shareholders’ investments, is making moves to become a major player in the cannabis industry, which continues to flourish in Canada and the United States due to recent legalization legislation.

The company’s goal in the rapidly growing cannabis market is to become a leading purveyor of medicinal and recreational cannabis while keeping customer ease and satisfaction at the center of its comprehensive user experience.

Historically, cannabis companies’ market value has been tied to their ability to produce large quantities of product, as well as their ability to secure licensing status in the medical cannabis sector. As the industry has evolved, drawing a larger number of players to the table, companies have had to increase innovation and strategy to maintain competitive. Currently, “Investors are focusing more on production costs, extraction processes, and consumer products that will become legal” in the future (http://nnw.fm/YI6dO). New companies are focusing on cannabis edibles, beverages and cosmetics infused with cannabidiol (CBD), among other products.

With Icon Exploration’s current focus on the cannabis industry, president and CEO Rob Fia has spent several years surveying industry trends, aiming to secure a smaller company that met criteria which he felt would create sustainable success, even weathering potential market fluctuations in the coming years. He sought to acquire a company (http://nnw.fm/Gl68g), intent on “lowering production costs and developing efficient extraction and processing methodologies.” He cited the importance of “developing consumer products focused on the retail market, because the higher margins and potential will be there, not in flower.” Finally, he wanted to acquire a state-of-the art growing facility and build a management and operations team with industry experience. He saw such potential in City View Green (“CVG”).

Icon Exploration earlier signed a formal share exchange agreement relating to its proposed acquisition of City View Green, a vertically integrated cannabis company incorporated under the laws of Ontario, Canada. Though Fia was approached by many companies, CVG offered the production potential and industry presence for which he was searching.

The City View Green team, by “building its company from scratch,” has been able to avoid the industry pitfalls witnessed in other companies. It expects to receive its license from Health Canada in the near future (http://nnw.fm/Nh0rL) and “is in discussions with partners that could provide access to 37 stores across Canada for distribution.” Additionally, the company is building a 40,000 square foot cultivation facility in Ontario, which will be focused on producing pharmaceutical-grade cannabis.

Through its strategic acquisitions and moves into the burgeoning cannabis industry, Icon Exploration continues to fulfill its mission of creating a well-diversified company that’s able to produce long-term returns for its shareholders and investors.

For more information, visit the company’s website at www.IconExploration.net

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