Icanic Brands Announces LOI to Acquire THC Engineering, LLC

• Acquisition of 100% of world-leading, automated pre-roll technology IP
  
• World-class, experienced team of automation experts joining Icanic
  
• Engineers have previously built technology for Tesla, Genentech and Johnson & Johnson, amongst others
  
• The technology offers unprecedented and industry leading scalability and immediate significant cost of goods (COGs) savings
  
• 100% of the Purchaser shares will be locked up until December 31^st, 2021 followed by an escrow release schedule commencing with 25% of Purchaser Shares released on January 1^st, 2022 and 25% Purchaser Shares released every 4 months thereafter.
  

VANCOUVER, British Columbia, Dec. 09, 2020 (GLOBE NEWSWIRE) -- Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), a multi-state brand operator in California and Nevada, announced today that it has entered into a Letter of Intent (“LOI”) to acquire THC Engineering, LLC (“THC Engineering”), a company focused on building one of a kind automation technology in the rapidly expanding cannabis manufacturing industry.

"Technology has always been a key focus and one of the three pillars that allows Icanic to truly differentiate itself and target a superior gross margin profile," said Brandon Kou, CEO of Icanic. "The opportunity to acquire THC Engineering and its world class team was something that we could simply not pass up. This agreement reinforces our commitment to technology by bringing on a team that has built one of a kind manufacturing equipment for the likes of Tesla, Genentech and Johnson & Johnson. The journey began when the Company set out to try and tackle a huge issue in the industry and with the successful creation and implementation of the automated pre roll technology, we are thrilled to welcome the THC Engineering team to the Icanic family. As we continue to build out our portfolio of technology that drives efficiency and increased margins, the THC Engineering team will be invaluable to our success."

For over the past two years the Company has spent considerable time reviewing other existing pre-roll manufacturing technologies across the globe and visiting with several developers of systems currently under development and feel very confident that the IP being acquired as a result of this acquisition is in a class of its own in terms of its precision filling, manufacturing rate and ability to significantly immediately impact cost of goods.