ICNB Announces Binding Letter Of Intent To Acquire Medical Marijuana Business Academy, LLC

Iconic Brands Inc., (OTC Markets: ICNB), announces the execution of a Binding Letter of Intent to acquire Medical Marijuana Business Academy, LLC, (“MMJ Business Academy”), a Colorado based educational platform that helps start-ups, investors, and current owners navigate the regulatory boundaries of the Cannabis market. Iconic Brands has filed for a 10 for 1 reverse stock split on March 21st, 2014 which has not yet been declared effective by FINRA, post effectiveness ICNB will issue 50,000,000 new restricted shares of stock, as well as an agreed capital contribution for 100% of the shares of MMJ Business Academy. Full and final terms and conditions will be filed with the forthcoming Definitive Merger Agreement.

Upon formal closing under the terms of the Merger Agreement, Iconic Brands will effectuate a name and symbol change, as well as maintain MMJ Business Academy’s current management team to lead C-Level positions in the public company. Mr. KC Stark, current CEO of MMJ Business Academy, will assume the position of CEO, and Charles T. Houghton, Esq., will assume the position of Chairman of the Board and CFO.

Mr. KC Stark, President and CEO of MMJ Business Academy, LLC stated, “We look forward to driving growth as a public company in the U.S cannabis market. This is the end of 76 years of cannabis prohibition and the beginning of a revolution unlike any other we’ve seen in a lifetime. Our platform provides the tools for entrepreneurs to enter the market, and we are focused on driving shareholder value through the monetization of our educational assets. ”

To read more, visit http://news.investors.com/newsfeed-business-wire/033114-141569742-iconic-brands-icnb-announces-binding-letter-of-intent-to-acquire-medical-marijuana-business-academy-llc.aspx

Posted in: Investing

Comments are closed.