International Cannabrands Announces New Key Board Appointment and Private Placement
LOS ANGELES, CA / ACCESSWIRE / November 12, 2019 / International Cannabrands Inc. (CSE:INCB) (the “Company”) is pleased to announce the appointment of Robert Yosaitis to the Board of Directors. In addition, the Company wishes to announce the completion of a non-brokered private placement of 7,920,000 units at a price of CDN $0.05 per unit for gross proceeds of US $300,000, with each unit consisting of one common share and one share purchase warrant. Each warrant entitles the holder to acquire a common share at a price of $0.05 per share for a period of 5 years. The common shares and warrants bear a four month hold period from the date of issue.
Steve Gormley, CEO of the Company commented: “I am proud and happy to announce that Bob Yosaitis has joined our board. Mr. Yosaitis brings tremendous experience and resources to the Company, and his investment allows us to continue the advancement of our aggressive growth strategy. We look forward to reporting our progress as we execute our plan.”
Mr. Yosaitis commented, “I’ve always wanted to work with Steve, and after speaking about a number of opportunities over the years this felt like the right time to join forces. I met his entire team and was very impressed by them, so much so that I invested $250,000 into International Cannabrands. I’m looking forward to working with the company and supporting it as we grow.”
Mr. Robert Yosaitis is an investor, owner, and philanthropist whose global career began in 1989 upon opening an international trading office for BHP Petroleum in Dubai, UAE. After becoming the largest jet fuel trader in the Pacific Rim, Mr. Yosaitis founded Bradley Pacific Aviation Inc., a Hawaii fixed based operator and jet fueling company. Despite his late market entrance, Mr. Yosaitis’ focused and organic growth strategies, particularly through the turbulent travel market following September 11th, resulted in an all-island, first in market position with an eventual sale to Ross Aviation in April of 2008.
Mr. Yosaitis is part owner and current applicant of multiple medical marijuana licenses across several jurisdictions. He is invested in two licensed medical marijuana cultivation facilities and two retail dispensing locations that serve nearly 1,000 qualified California patients every day. Mr. Yosaits’ Nevada company, BioNeva, successfully netted three cultivation and three production licenses through the competitive Nevada medical marijuana licensing process. BioNeva’s development of a best in class, zero-waste greenhouse, utilizing a unique mushroom-based C02 feed, was designed by scientists and researchers hailing from Germany, Israel, and Colorado.
As an owner-applicant in Hawaii’s competitive medical marijuana licensing process, Mr. Yosaitis’ company includes partnerships with one of the largest Hawaiian venture groups whose multi-generational in-state presence emphasizes community partnerships and sustainability.
About International Cannabrands (ICI)
International Cannabrands is a CBD and cannabis focused brand portfolio, leveraging the potential of the plant by offering best of breed products that naturally complement today’s consumer lifestyles. The Company’s mission is to build and market a diversified portfolio of cannabis and CBD brands, with strategic manufacturing and distribution partnerships to support better EBITDA and margins. ICI markets products with THC content where that practice has been legalized at the state level through either medicinal or full recreational use. ICI also markets products containing CBD in the US and internationally. The Company believes as the legal cannabis and CBD markets evolve, high-quality, unique products will increasingly capture market share and provide a valuable platform for growth.
International Cannabrands Contact:
Steve Gormley Chief Executive Officer, 12655 W Jefferson Blvd, Los Angeles, CA, 90066 Ph: (323) 828-4321 or Media Inquiries: .
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Disclaimer concerning Forward-looking Statements
Certain statements included herein constitute “forward-looking statements” relating to the timing and execution of the Company’s revised strategy, within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Additional risks and uncertainties regarding the Company are described in its publicly-available disclosure documents filed by the Company on SEDAR (www.sedar.com). The forward-looking statements contained in this news release represent the Company’s expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. Except as required by law, the Company does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
SOURCE: International Cannabrands Inc.
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