VANCOUVER, British Columbia, Aug. 15, 2022 (GLOBE NEWSWIRE) — Icanic Brands Company Inc. (“Icanic” or the “Company”) (CSE:ICAN) (OTCQB:ICNAF), a multi-state operator of premium cannabis brands in California, announces that it has received final approval from the Supreme Court of British Columbia (the “To research”) for the Company’s plan of arrangement approved by the holders of secured debentures on August 8, 2022 (the “plan of arrangement”) to effect the previously announced recapitalization transaction of the Company (the “Recapitalization operation”).
Closing and implementation
Secured debenture holder approval and court approval were the two primary conditions precedent to the closing of the recapitalization transaction, with both conditions having been satisfied. Closing of the Recapitalization Transaction remains subject to certain other customary closing conditions set forth in the previously disclosed Restructuring Support Agreement, a copy of which is available under the Company’s SEDAR profile at www.sedar.com (and filed on July 5, 2022). The closing of the recapitalization transaction is expected to occur by the end of the third quarter of 2022.
Icanic Brands Company Inc. is a manufacturer of branded cannabis products based in California, the largest and most competitive cannabis market in the world. The company’s mission is to make cannabis safe and accessible – it starts with making high-quality products that deliver consistent experiences.
Statements in this press release that are forward-looking statements are subject to various risks and uncertainties, including regarding COVID-19 and the specific factors disclosed herein and elsewhere in Icanic’s periodic filings with Canadian securities regulatory authorities. When used in this news release, words such as “will”, “hope”, “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “believe”, “should”, “our vision” and similar expressions, are forward-looking statements.
Forward-looking statements may include, but are not limited to, the timing and outcome of the closing of the Recapitalization Transaction.
Forward-looking statements are based on assumptions which may prove to be incorrect, including, but not limited to, the Company’s ability to execute its business plan, the continued growth of the medical and/or recreational cannabis markets in countries where the Company operates or intends to operate, that the Company may obtain the final court order. The Company considers these assumptions to be reasonable under the circumstances. However, forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those expressed or implied by the forward-looking information. These risks include, but are not limited to: the Court may not provide the final order; risks related to the global COVID-19 pandemic or other epidemics, including a resurgence of COVID-19 cases; engaging in activities considered illegal under United States federal law; the Company’s ability to comply with applicable government regulations in a highly regulated industry; unexpected changes in government policies and regulations affecting the production, distribution, manufacture or use of cannabis in the United States or any other foreign jurisdiction in which the Company intends to operate, unexpected changes in government policies and regulations affecting the production, distribution, manufacture or use of recreational cannabis for adult use in the United States or Canada, any change in accounting practices or treatment affecting the consolidation of financial results, the dependence of the company with regard to the management; inconsistent public opinion and perception regarding cannabis use, perceived effects of medical cannabis products, adverse market conditions; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; input costs, crop failure, litigation; currency fluctuations, competition; the availability of capital and financing on acceptable terms, industry consolidation, the loss of officers and/or key employees and other risks detailed herein and from time to time in the Company’s filings with securities regulators. For more information about the Company and the risks and challenges of its business, investors should consult its annual filings which are available at www.sedar.com.
Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained in this press release are made as of the date of this release. Icanic disclaims any intention or obligation to update or revise this information except as required by applicable law, and Icanic assumes no responsibility for the disclosure relating to any other company mentioned herein.
The Canadian Securities Exchange has not reviewed, approved or disapproved of the contents of this press release.