Resonate Blends Executes Binding LOI to Acquire a Wellness Cannabis Brand

CANNANNEW REPORT

Strategic acquisition of Florida-based lemon and grass™ expands Resonate’s market presence and national footprint through multi-state distribution and product-level synergies CALABASAS, Calif.–(BUSINESS WIRE)–$KOAN #acquisitions–Resonate Blends, Inc. (OTCQB:KOAN), a Wellness Lifestyle cannabis holding company (“Resonate” or “the Company”), signed a binding Letter of Intent (LOI) to acquire all the assets of lemon and grass™ (“the Sellers”). The Seller’s products, focused on the functional side of Cannabis wellness, complement Resonate’s existing product line focused on targeted, precisely-calibrated experiences. lemon and grass™ sells in Florida, California and has aggressive licensing plans for multiple legal states in the U.S. and provinces in Canada including an official launch in the Canadian provinces of Ontario and Alberta in September 2021. The deal is expected to close in the fourth quarter of this year. The Sellers have a strong presence in the Florida market through a licensing agreement with an established MSO, which distributes the lemon and grass™ brand into over 40 dispensaries in the state. The Sellers previously completed a successful trial in California through 50 dispensaries that demonstrated rapid acceptance of the company’s products and is currently preparing for the brand reintroduction into California. “lemon and grass™ reinforces the core notion of Resonate’s vision that value-added brands are the future of Cannabis,” said Geoff Selzer, CEO of Resonate. “We are building a portfolio of brands focused on cannabis as a part of a productive and intentional lifestyle, while benefiting from synergies through expanded product development resources, technology, operational know-how and distribution. This acquisition is the first step of our multi-state expansion plans and supports our strategy of growing both organically through internal development and by acquisition.” The agreement has built-in incentives for the Sellers and management to work closely with Resonate for a minimum of 18 months to help grow both the Koan and lemon…

Excerpt only …
READ MORE BELOW
Source : Resonate Blends Executes Binding LOI to Acquire a Wellness Cannabis Brand

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.