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Icanic Brands Acquires LEEF Holdings

04/25/2022

On April 20, 2022, Icanic Brands Company, Inc. acquired LEEF Holdings Inc. LEEF is one of the largest cannabis extraction companies in the state of California and is a leading provider of bulk concentrates to many of the largest brands in the state.

The initial payment of US$120 million to former LEEF shareholders was satisfied by the issuance of an aggregate of 758,274,035 common shares of Icanic Brands. In addition, former shareholders of LEEF will be entitled to earn-out payments on the 15, 27 and 39 month anniversary of closing to be satisfied by the issuance of additional common shares of Icanic Brands.

Cassels is acting as Canadian counsel to LEEF.

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RELATED EXPERTISE: Securities | Mergers & Acquisitions | Cannabis | Taxation