On April 20, 2022, Icanic Brands Company, Inc. acquired LEEF Holdings Inc., one of the largest cannabis extraction companies in the state of California and a leading provider of bulk concentrates to many of the largest brands in the state.
The initial payment of US$120 million to former LEEF shareholders was satisfied by the issuance of an aggregate of 758,274,035 common shares of Icanic Brands. In addition, former shareholders of LEEF will be entitled to earn-out payments, subject to meeting certain conditions, on the 15-, 27- and 39-month anniversary of closing to be satisfied by the issuance of additional common shares of Icanic Brands.
Cassels Brock & Blackwell LLP acted as Canadian counsel to LEEF with a deal team comprised of Jonathan Sherman (Securities, M&A and Cannabis), Tera Li Parizeau (Tax), and Sofi Katsovskaia (Articling Student).
Jackson Tidus acted as US counsel to LEEF with a deal team led by Jason Wisniewski.
McMillan LLP acted as Canadian counsel to Icanic Brands with a deal team comprised of Desmond Balakrishnan (Securities, M&A and Cannabis), Marina Tran (Securities and M&A), Dianne Rideout (Employment), Michelle Wong (Securities and M&A), Jordan Ghag (Securities and M&A), and Adam Jones (Securities and M&A).