OTCQB:ICNB - 24/7 Market News

Iconic Brands – ICNB – Announces Closing of Green Grow Farms Acquisition

2019-05-13T11:21:23-04:00 May. 13, 2019 11:19AM EDT|

AMITYVILLE, NY, May 09, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Iconic Brands, Inc. (ICNB) announced today the acquisition of Green Grow Farms has closed.

The terms consist of the issuance of 2 million restricted Iconic shares in exchange for a 51% interest in Green Grow Farms, with additional shares available that can only be earned based on reaching specific revenue milestones up to $50 million USD under a performance based agreement. The details will be in the 8k filing.

This transaction firmly places Iconic Brands in the burgeoning Hemp and CBD markets. The company will be working diligently to ramp up revenue through grow ops, direct ownership, partnerships and via tolling agreements. The synergy forming between the Liquor industry and Cannabis industry is clear and will lead to new segments with growth opportunity for Iconic Brands. The Hempology division of Iconic Brands will be active in the second half of this year developing CBD infused beverage products for the consumer market.

The industry trend of major liquor companies investing in and partnering with cannabis and hemp focused companies is evidenced by recent transactions. Heineken has launched a line of Canna beverages, Molson Coors Brewing Company signed a joint venture with Hydropothecary to develop their line, Aurora Cannabis has signed with Alcanna who is Canada’s largest liquor retailer and of course the multi-billion dollar investment by industry leading Constellation Brands into Canopy Growth set the bar. The trend is clear as this multi-billion dollar industry develops.

Green Grow Farms, www.greengrowfarmsinc.com has a simple philosophy, use the best seeds, work with the best farmers, the best processors and create the highest quality CBD isolate possible. There will be updates forthcoming on this season’s grows and subsequent harvest, partnerships and products.

Mr. Richard Decicco, Iconic Brands CEO, stated, “This is a transformative year for Iconic Brands. We have positioned our company for growth into a lifestyle branding company; the core portfolio of celebrity branded spirits, private label spirits and CBD products will carry this company to new heights. We have a robust agenda and look forward to the challenges and rewards.”

About Iconic Brands, Inc.

Iconic Brands Inc. ("Iconic") is a beverage company with the highest expertise of developing, from inception to completion, alcoholic beverages for itself and third parties. Iconic Brands markets and places products into national distribution through long standing industry relationships. Iconic is a leader in "Celebrity Branding" of beverages, procuring superior and unique products from around the world and branding its products with internationally recognized celebrities. Currently offering Bivi Vodka, www.BiviVodka.com and Bellissima Prosecco, www.BellissimaProsecco.com. Iconic Brands is a developer of private label spirits for established chains and brands both domestically and Internationally. Under the newly formed subsidiary, Hempology Inc., Iconic Brands is, to the extent the law allows, developing liquor based products infused with Hemp and CBD

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