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Icanic Brands to Acquire LEEF Holdings


On August 31, 2021, Icanic Brands Company, Inc. announced the execution of a binding letter of intent to acquire LEEF Holdings Inc., a California-based cannabis extraction company.

The initial payment forming part of the purchase price will be equal to the higher of US$120 million or two times the trailing 12-months revenue of LEEF for the period ended September 30, 2021, satisfied by the issuance of shares of Icanic. In addition, former securityholders 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 shares of Icanic. The proposed acquisition is anticipated to be completed in the fourth quarter of 2021

Cassels is acting as Canadian counsel to LEEF.

RELATED EXPERTISE: Securities | Mergers & Acquisitions | Cannabis