HICKSVILLE, NY, Dec. 09, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Canbiola, Inc. (OTCQB: CANB) (“Canbiola” or the “Company”), a developer, manufacturer and supplier of a variety of hemp-derived THC-Free Cannabidiol (CBD) Isolate products such as oils, drops/tinctures, creams, moisturizers, chews, and capsules, announced today it executed an agreement for an all-stock transaction to acquire 51% of Green Grow Farms Inc from Iconic Brands, Inc. (ICNB). In addition, Canbiola is negotiating an option to purchase the remaining 49% minority interest from NY Farm Group. The transaction will consist of all stock valued at $1 million, full terms can be found in the Company’s current 8K filing filed December 6, 2019.
Green Grow Farms Inc is licensed by New York State to grow hemp under the Hemp Research Pilot Program. Green Grow Farms grows industrial hemp for grain, flower, and CBD. Green Grow Farms has successfully grown and harvested 6 Acres on two farms in Calverton, NY this year, yielding in excess of 12,000 pounds of dried biomass. The current New York inventory consists of Suver Haze and Sweetened varieties with CBD content ranging from 13% to 16%. This product is being sold as biomass for processing into isolate and/or distillate and to wholesalers and retailers for processing as smokable flower and pre-rolls. Additionally, Green Grow Farms has a cultivation partnership with Fox Trot Farms LLC in Meigs County, Tennessee. This 50/50 partnership is a 35 acre grow with over 100,000 Late Sue variety clones which have reached maturity and are presently being harvested. Additionally, various quantities of different varieties have been harvested. This product will be mostly processed to raw material for our consumer product line.
The close of this transaction will further the full vertical integration goals of Canbiola. The company now has successful consumer brands under the Pure Leaf Oil, Seven Shakra’s and Canbiola names and a full company-owned production facility in Lacy, Washington where all the products are manufactured, and white label services are provided. In addition, the Company announced in July of this year our joint venture with Shi Farms to be minority equity partners in a full processing facility in Pueblo, Colorado and with the intended acquisition of Green Grow will have our own Company-owned grows to further, control our process.
After closing, the Company will have an update forthcoming on our plans for 2020 to complete the initiative of being a true full vertically integrated company in the burgeoning CBD and Premium Hemp market. Through Green Grow Farms and in conjunction with our NY Hemp Depot subsidiary we intent to develop our operations in New York to not only grow, but to provide automated harvesting, bucking, drying, and processing services.
For additional information on Green Grow Farms, please visit: https://www.greengrowfarmsinc.com. The Company is not responsible for the content on Green Grow Farm’s website and makes no claims as to its validity.
Canbiola Chief Executive Officer, Marco Alfonsi, commented, “We are extremely excited to acquire Green Grow Farms and execute on the plans we have put together to drive revenue from its existing hemp farms in New York and Tennessee. As well Canbiola and Green Grow have a strategic initiative in Texas where we look to expand our geographic footprint. I will provide more details on this exciting project in our year-end review. We welcome the Green Grow team into our Canbiola family and look forward to advancing our business from seed to sale and becoming a major player in the health, wellness and medical CBD market.”
About Canbiola, Inc.
Canbiola, Inc. (OTCQB: CANB) is a vertically integrated conglomerate specializing in the manufacturing, formulation and sale of THC-Free Cannabidiol (CBD) Isolate products such as oils, drops/tinctures, gels, creams, moisturizers, chews, and capsules. All Canbiola products are organic and Non-GMO, free of impurities and contaminants, and formulated with the finest ingredients to the highest manufacturing standards. All products are certified for purity and accuracy by third-party laboratory verification.
Canbiola pursues an aggressive growth strategy through the continual development of proprietary products and the expansion of its offerings via strategic acquisitions in the healthcare and CBD industries.
Canbiola has created several innovative CBD product lines, marketed through targeted channels including:
The Canbiola clinical line, which is marketed and promoted through healthcare practitioners in the medical setting.
The Pure Leaf Oil (consumer brand) and Seven Chakras (spa brand) lines are sold through both online and brick & mortar retail outlets.
Carniola’s state-of-the-art manufacturing facility in Lacey, WA is operated by Pure Health Products LLC (PHP), a wholly-owned subsidiary that produces all of the Company’s CBD Isolate products, in addition to providing private label and white label solutions for companies looking to add high-quality CBD items to their offerings. Canbiola is passionate about improving people’s lives and we take pride in providing pure CBD products infused with organic and natural ingredients. We want customers to know that they are buying lab-tested, high-quality natural products at a great price.
Canbiola’s Radical Tactical LLC subsidiary produces CBD products in other forms including vapes and gums.
Duramed Inc. and Duramed NJ LLC, wholly-owned subsidiaries of Canbiola, further the mission of providing innovative products designed to improve people’s lives, aiming to reduce their use of opioid substances through the utilization of durable medical devices. This product line includes a wearable low-intensity ultrasound SAM (Sustained Acoustic Medicine) device delivering multi-hour treatment intended to accelerate healing, improve function for musculoskeletal injuries (muscle, tendon, ligament) and reduce chronic pain (without opioid pain medication).
With the creation of its newest wholly-owned subsidiary, NY Hemp Depot LLC, Canbiola has further attained vertical integration, allowing it to fully control the supply chain from seed to sale, develop customized products and maximize profit margins. Through the utilization of its newly acquired NY State Hemp Cultivation License, the Company contracts with farmers throughout the state of NY to cultivate specific strains of hemp, which is then processed into CBD Isolate products to Canbiola’s exacting manufacturing standards and specifications at the Company’s laboratory and production facility.
For more information about Canbiola, Inc., please visit: Canbiola.com
Forward-looking statements and risks and uncertainties discussed in this letter contain forward-looking statements. The words "anticipate," "believe," "estimate," "may," "intend," "expect," and similar expressions identify such forward-looking statements. Expected, actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. Forward-looking statements are subject to a number of risks and uncertainties, including but not limited to, risks and uncertainties associated with, among other things, the impact of economic, competitive, and other factors affecting our operations, markets, products, and performance. The matters discussed herein should not be construed in any way, shape or manner of our future financial condition or stock price.
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