LEEF Brands, Inc. (OTCQB:ICNAF) (CSE:LEEF) has completed the acquisition of The Leaf at 73740 LLC in an all-stock transaction as at January 11, 2023. The Leaf is a California retailer located in the heart of Palm Desert, California at 73740 El Paseo.
"We are extremely excited to welcome The Leaf into the LEEF Brands family and to commence our corporate strategy of acquiring top performing and best in class retail dispensaries in locations that will serve to augment LEEF product offerings in select markets. The Leaf has built a trusted retail platform in the heart of Palm Desert and we look forward to garnering invaluable customer insights through The Leaf's platform and begin to integrate those insights throughout our organization to build a lasting relationship with the cannabis consumer." stated Micah Anderson, CEO of LEEF Brands.
The acquisition is inclusive of the dispensary located in the heart of Palm Desert, California and the delivery service that currently serves a population of over 100,000 residents and tourists.
Under the terms of the purchase agreement, LEEF brands acquired all of the equity interests in the Leaf for 92.9 million common shares at a price per share equal to $0.0666. The acquisition is expected to be immediately accretive to LEEF Brands on both a sales and EBITDA basis. All shares issued will be subject to a contractual lock-up period.
The company has also announced that the board of directors has approved the grant of an aggregate of 8.45 million restricted stock units to officers and consultants of the company. 7.25 million RSUs will vest immediately with the remaining 1.2 million vesting evenly over 12 months. Each vested RSU entitles the holder to receive one common share of the company.
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