Icanic Brands to purchase THC Engineering

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The deal is expected to give Icanic Brands a huge boost in trading

While some mergers and acquisitions can be hostile, the upcoming marriage of Icanic Brands and THC Engineering seems to be a match made in heaven and a win-win situation for all concerned. Icanic Brands Co. Inc. (CSE: ICAN, OTC: ICNAF), a company that produces the popular brand of pre-rolled joints known as Tarantula, is in the process of purchasing THC Engineering LLC for $1.75 million.

THC Engineering is dedicated to creating automation technology that supports the cannabis manufacturing sector, and Icanic has the idea that the two companies together will make a stronger and more profitable cannabis business. Icanic’s letter of intent allows THC Engineering to earn extra purchaser shares via milestone earnouts. The first milestone achievement grants them a half-million dollars of purchaser shares; the second will grant them $1.75 million.

Then, once both of the above milestones have been reached, THC Engineering can earn $500,000 of purchaser shares. However, all purchaser shares will be locked until December 31, 2021, after which the company will obtain them in four equal parts.

Icanic Brands is hoping to increase its production capabilities and has been looking at various production technologies for a couple of years now. They have found that THC Engineering is truly “in a class of its own” in terms of its precision filling, manufacturing rate and ability to significantly and immediately impact cost of goods.

Brandon Kou, the CEO of Icanic stated in a recent interview, “The opportunity to acquire THC Engineering and its world-class team was something that we could simply not pass up.”