Tech

Icanic Brands Company Inc (OTCMKTS:ICNAF) Reports A Growth Of 65% In Q1 2021 Revenues: Signs A Deal To Take Over THC Engineering

Icanic Brands Company Inc (OTCMKTS:ICNAF) posted a growth of 65% YoY to CAD 2.8 million in revenues in Q1 2021 from its California operations. Its margins rose by 41% in Q1 2021.

CEO of Icanic, Brandon Kou, said the company is excited to report tremendous growth even during the coronavirus pandemic. The company also improved its margins compared to the previous year same period.

Efforts to promote growth

Brandon further said the company would put in efforts in 2021 to improve organic growth through its leading brands, besides focusing on opportunities in the market. It injected cash of $1 million by exercising warrants in Q1 2021. The company strengthened its balance sheet and improved its financial resources.

CEO said Icanic augmented its balance sheet by exercising the warrants. It shows the confidence of shareholders in the leadership of Icanic. The company will use these funds to improve growth and reward shareholders in the future.

Enters a deal with North Equities Corp

Icanic entered a 6-month consulting and marketing agreement with North Equities Corp. As per the terms of the deal, North Equities will play an essential role in engaging investors and promote its news through various channels that comprise social media. The contract is valid until September 12, 2021.

North Equity will receive 183,150 shares each at $0.546 and have a holding period of 4 months.

Signs a pact to takeover THC Engineering

Icanic entered a pact on April 7, 2021, to acquire a 100% stake in THC Engineering. It is a share exchange deal. As per the terms of the agreement, THC Engineering comprises THC Engineering Holdings, LLC, and THC Engineering, LLC. The agreement is subject to the receipt of regulatory and corporate approval.

Icanic will transfer 3.734 million common shares on a pro-rata basis to the unitholders of THC according to their holdings. Also, the unitholders of THC will receive 15% of the revenues generated from the licensing IP of THC in North America for three years. The unit holders may also qualify for additional shares subject to achieving certain milestones.

Inducts new EC

Icanic strengthened its board by recruiting Mark Smith as a new Executive Chairman on March 1, 2021. He will contribute his seven years of experience in transacting cannabis businesses worth $200 million.

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