LAS VEGAS, NV, March 06, 2018 (GLOBE NEWSWIRE) -- Freedom Leaf, Inc. (OTCQB: FRLF), a group of diversified, international, vertically-integrated cannabis/hemp business and media companies, earlier today announced that it signed a definitive agreement to acquire the Irie CBD Product Line, including all: assets, trademarks, formulating equipment, formulas and products.
There was a typographical error in the earlier Freedom Leaf press release that was issued today which stated that the purchase price would be paid in approximately $400,000 in cash and approximately 1.8 million shares of common stock valued at $0.23 per share. It should have stated as follows: Freedom Leaf will pay $400,000 in cash and approximately $1.8 million in shares of common stock valued at $0.23 per share.
The Company has been in discussions with the sellers for at least six months to negotiate the acquisition and there were multiple parties interested in the IRIE group of companies. The owners of IRIE decided to take less cash with our offer than others had offered because of their belief in Freedom Leaf's prospects and the complementary elements between the two organizations.
Irie CBD is a California-based product line that, and has been operating since 2015, formulates, manufactures and distributes CBD tinctures, CBD edibles, CBD topicals and CBD concentrates to retail markets across the country. Irie boasts a large inventory of more than 25 different products, and recorded approximately $1.5 million of revenue in 2017. Freedom Leaf is also acquiring the lease for Irie’s full manufacturing and processing facility in Oakland, California.
In addition to the Irie CBD line and associated assets and trademarks, the acquisition also includes the product lines, websites and other assets of: Earth Born, Inc., a California corporation; Earth Born, Inc., a Delaware corporation; Irie Living, a California nonprofit mutual benefit corporation, and Genesis Media Works, LLC, a Utah limited liability company doing business as “Terra’s Way,” “Irie Hemp Company,” and “Earth Born Botanicals”.
The acquisition of Irie CBD adds to Freedom Leaf’s current portfolio of cannabis/hemp media and processing companies, including their flagship publication Freedom Leaf Magazine, one of the largest Spanish-speaking web portal in the world LaMarihuana.com, the exclusive high-quality Hempology CBD product line, their extraction and distribution division Leafceuticals Inc, and European hemp cultivation and production company Green Market Europe. The acquired assets include the following web sites: www.iriecbd.com, www.iriejournal.com, www.iriemedicinals.com, www.irieliving.org, www.iriehemp.com, www.earthbornbotanicals,com, www.terrasway.com, www.pranahemp.com and www.nirvanahemp.com.
About Freedom Leaf®
Freedom Leaf, Inc., The Marijuana Legalization Company®, is a fully-reporting and audited, publicly-traded company trading under the symbol (OTCQB: FRLF), a group of diversified, international, vertically-integrated Cannabis/Hemp/CBD businesses and media companies
Freedom Leaf, Inc. is a leading, go-to resource in the cannabis, medical and recreational marijuana, CBD and industrial hemp industries. It is involved in mergers and acquisitions in these industries, including acceleration and spin offs of new companies involved in those industries.
Freedom Leaf Inc.'s flagship publication is Freedom Leaf Magazine, The Good News in Marijuana Reform. The company produces a portfolio of news, print and digital multi-media verticals, websites, and web advertising, for the ever-changing emerging cannabis, medical marijuana and industrial hemp industry.
The Company also controls LaMarihuana.com, the world’s leading Spanish publication focused on these industries.
Freedom Leaf, Inc. does not handle, grow, sell, or dispense marijuana or related products
All of our European activities are in full compliance with relevant EU laws.
Investor relations information can be found on the FreedomLeafInc.com company website.
Safe Harbor Statement
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