National cannabis holding company IONIC Brands (CSE: IONC) (OTC: ZRRRF), formerly Zara Resources Inc., on Wednesday announced that it has entered into a Letter of Intent (“LOI”) to acquire British heritage brand Astleys of London HK Limited. Founded in 1862, Astleys was a luxury tobacco pipe purveyor in London that has recently been relaunched as a contemporary cannabis vape brand. Through a strategic collaboration, IONIC’s high-quality cannabis oil will be used in Astleys’ three vaporizer devices. IONIC will purchase Astleys’ portfolio of international intellectual properties and retain the brand’s principal management team as part of the acquisition. Subject to definitive documentation, the total purchase price of $17.8 million will be comprised of a cash payment of $1 million upon closing of the transaction, the issuance of common shares equal to $6.8 million and an additional $10 million to be earned out upon accomplishing milestones detailed in the definitive agreement. “While the Astleys of London brand is highly strategic to our overall position in the cannabis industry, we must also consider the deep economic benefits realized by the higher gross margins related to the Astleys luxury brand. We also expect a margin lift for IONIC’s current premium product lines from the increase exposure of the Astleys historic brand,” IONIC BRANDS Chairman and CEO John Gorst stated in the news release.
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About IONIC Brands Corp.
IONIC Brands is a national cannabis holdings company based in Washington and led by a team of successful entrepreneurs. The company is focused on building a multistate, consumer-focused cannabis concentrate brand portfolio focusing on the premium and luxury segments. The cornerstone brand of the portfolio, IONIC, is an accomplished no. 1 vaporizer brand in Washington State that has aggressively expanded throughout the West Coast of the United States and is currently operating in Washington, Oregon and California. IONIC Brands’ strategy is to be the leader of the highest-value segments of the cannabis market and expand nationally. For more information, visit the company’s website at www.IONIC.social.
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