Ikänik Farms Announces Completion of First Condition in D9C Acquisition
CORONA, Calif., June 17, 2021 /CNW/ - Ikänik Farms, Inc. (CSE: IKNK.U) (FSE: DFMA) (the "Company" or "Ikänik Farms") is pleased to announce the first set of conditions in respect of the stock transfer agreement (the "Agreement") dated December 14, 2020 among the Company, Delta 9 Corporation Mexico S.A. de C.V ("D9C") and the shareholders of D9C (the "Transferring Shareholders") in which the Company is to purchase all issued and outstanding shares of D9C, based in Coyoacán, Mexico. Pursuant to the terms of the Agreement, the Company has issued 6,000,000 subordinate voting shares in the capital of the Company (the "Shares") to the Transferring Shareholders and the Transferring Shareholders have transferred all of the issued and outstanding shares in the capital of D9C (the "D9C Shares") to the Company. The Company intends to contract-produce for domestic and international pharmaceutical cannabis and hemp-derived CBD clients.
Pursuant to the terms of the Agreement, the Company is to issue an additional 4,000,000 Shares to the Transferring Shareholders in the amounts and subject to the completion of the conditions set out below:
- within 10 business days following the certain corporate documents, import registrations and certifications and receipt of seeds as deemed satisfactory by Ikänik, 2,000,000 Shares shall be delivered ratably to the Transferring Shareholders; and
- within 10 business days following the delivery to Ikänik of a copy of validly issued seed and genetic registration certificates and a cultivation permit satisfactory by Ikänik, 2,000,000 Shares shall be delivered ratably to the Transferring Shareholders.
If the satisfaction of each of the conditions above does not occur by December 23, 2021, each of the Transferring Shareholders will transfer the Shares back to Ikänik and Ikänik shall transfer the D9C Shares back to the Transferring Shareholders.
About Ikänik Farms
Ikänik Farms is a California based, Multi-National Operator (MNO) who is building a dynamic portfolio of brands, inspired by its passion for health and wellness, action sports, and supported by its vertically integrated retail, distribution and cultivation in CA and its medical grade cultivation and laboratory in Colombia. The Company's leadership brings decades of expertise in R&D, cultivation, retail, branding, and corporate finance. Ikänik Farms' operation in Colombia, through its pharma division Pideka, holds both GMP-PHARMA and (GACP) Good Agricultural and Collection Practice certifications for its Casa Flores operating facility.
Forward Looking Statements
This news release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws (together, "forward-looking information). All information, other than statements of historical facts included in this news release that address activities, events or developments that the Company expects or anticipates will or may occur in the future is forward-looking information. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "believe", "should", and similar expressions, are forward-looking information, including, but not limited to: the completion of the remaining conditions pursuant to the Agreement and the integration of the Company's business operations into the Mexican marketplace.
Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: changes in laws, a change in management, the inability to obtain additional financing, increased competition, hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and, regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in the forward-looking information may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this news release is made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
On behalf of the Board of Directors of Ikänik Farms Inc.
SOURCE Ikanik Farms Inc.
on Ikänik Farms, please contact: Investor Relations, [email protected], +1 951-210-7250
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