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Icanic Brands Company Inc (OTCMKTS: ICNAF) Announces Sale of its Sacramento Cultivation Facility to Crowco Management LLC for $2 Million

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Icanic Brands Company Inc (OTCMKTS: ICNAF) is more than happy to share the good news of its recent sale deal. The group has sold its interest in a Sacramento, California cultivation facility. The sale deed is worth $2 million. It is reported that a limited liability company, which is based out of California named Crowco Management LLC, is involved in the deal. The group had both management and purchase rights of a 180 light indoor cannabis cultivation facility which has been functional since 2019. California-based Crowco Management LLC is headed by a group of experienced professionals who are experts in growing cannabis. The group has to its credit the scientific knowledge about the various growing procedures.

Icanic Brands Company Inc has given up its interest and rights in the Sacramento cultivation facility through the sale

With the sale deal coming through, Icanic Brands Company Inc has, through its wholly-owned subsidiary, given up its interest and rights in the cultivation facility, which is based out of Sacramento, California. The value of the sale agreement is $2 million. Additionally, through the sale deed, Icanic Brands Company Inc is entitled to receive discounted purchase rights that will allow the group to supply its infused pre-roll products based out of California.

Selling interest in the Sacramento cultivation facility is a big win for the group

The CEO of Icanic Brands Company Inc, Brandon Kou, shared that giving up interest and rights in the cultivation facility is a big win for the group. Kou added that despite selling their interest in the Sacramento cultivation facility while maintaining more or less similar costs of raw inputs below the contractual market, the agreement is an achievement for the corporate house. He stated that top on the priority list was not to let go of the integrity of the gross margins and Kou expressed joy in being able to achieve this goal. Thanks to the off-take agreement.

Spike in the budget related to the company’s investor relations campaigns

Icanic Brands Company Inc announced that its management had increased the funding for investor relations campaigns. A spike in the budget related to investor relations campaigns leaves the company with enough money to spend on its various marketing initiatives and awareness campaigns.

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