it’s official. Canadian-based GEA Technologies Ltd. and DropLeaf, the parent company for Julian Marley’s cannabis company JujuRoyal have merged. The deal was originally announced in June, but as of last week, the merger transaction was completed. In a nod to Julian’s nickname, the symbol is JUJU and the stock began trading on the Canadian Securities Exchange on Monday.“
The elements that attracted GEA to DropLeaf, was the Julian Marley name both as an artist and activist within the cannabis culture a strong presence in the US cannabis market and the successful business history built on mergers and acquisitions with DropLeaf Founder and CEO, Jeffrey Britz,” said Antonio Ruggieri, former President & CEO of GEA. “We believe that International Cannabrands (GEA) is in an excellent position to take advantage of the opportunities that have presented themselves. We are extremely happy with the approval of our CSE listing under the symbol “JuJu” and with the completion of the merger”DropLeaf has the exclusive right to grant licenses for cannabis products under the Julian Marley. JuJuRoyal Ultra Premium Cannabis brand. The brand was created by Julian Marley, who is the son of the late Reggae music great Bob Marley.
The son is a Rastafarian and musician like his father. Drop Leaf has raised $1.3 million in private capital since inception. Marley Natural is a different cannabis company that is based on the life and legacy of Julian’s father, but Julian isn’t associated with it.
This company raised a whopping $75 million. The slick packaging and big corporate feel have turned off some cannabis consumers, with mixed reviews on the quality of the product.In connection with the closing 11,902,439 shares were issued at a price of five cents per share. A director of GEA subscribed for 3.6 million shares that are subject to a four-month hold period. GEA will now be known as International Cannabrands through its Nevada subsidiary International Cannabrands Ltd. The name change will be proposed formally at the next annual meeting and GEA’s common shares will be delisted from the Toronto Stock Exchange Venture Exchange.“
This offering brings our ability to expand on a national and international level to an accelerated position in the marketplace,” said Jeffrey Britz, Chairman & CEO of International Cannabrands. “As cannabis is now the fastest growing emerging industry around the world, operational capital is critical at this time to build a portfolio that will see successful growth. Advancement throughout the space through positive collaborations, partnerships and acquisitions will now be the priority.” GEA is a technology company that will now have to dispose of its technology assets, a condition of a successful merger.
READ THE FULL STORY BELOW