Icanic Brands Expands California Brand Portfolio with Acquisition of De Krown Enterprises LLC

• Icanic Brands has signed a binding LOI to acquire 100% of De Krown Enterprises LLC
  
• De Krown Enterprises LLC generated $324,000 USD in revenue last quarter with 54% gross margins
• De Krown has an existing capacity to manufacture 118,000 pre-rolls per day over 2 shifts
  

VANCOUVER, British Columbia, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), a multi-state brand operator of premium Cannabis brands in California and Nevada, is pleased to announce that the Company has signed a binding LOI to acquire De Krown Enterprises LLC (“De Krown”), a California based leading cannabis white label manufacturer and brand owner.

De Krown is led by a team of successful and tenured executives from the California cannabis space as well as proven entrepreneurs in various other fields. The Company has an existing capacity to manufacture over 118,000 pre-rolls per day. De Krown operates from a state-of-the-art 5,000 square foot manufacturing facility, with a type 6 manufacturing license, which allows for manufacturing medical cannabis products using nonvolatile solvents. Additionally, the facility is outfitted with $650,000 USD in manufacturing equipment.

The product portfolio at De Krown has a strong track record of financial performance with average gross margins exceeding 40%. During the most recent quarter De Krown generated $324,000 USD in revenue. De Krown has broad ranging product experience including: pre-roll manufacturing, cartridge filling, packaging, terpene extraction, topicals/salves, edibles, material procurement and, packaging/supply chain procurement.

"We couldn't be happier to join the Icanic family,” says De Krown Managing Member, Stu Chang.  “It's great to find a partner that shares our same goals and vision for the emerging Cannabis industry.  We are very excited for the journey ahead."

"We are pleased to be bring the De Krown family under the Icanic umbrella and expanding our product portfolio in California.  Their ability to establish themselves as a leading white label manufacturer while creating their own brands is truly remarkable,” said, Brandon Kou, CEO of Icanic Brands. “De Krown currently provides an extensive list of services that will immediately impact Icanic's ability to accomplish our goal quicker and more efficiently.  Their experience in the white label arena should expedite our plans to scale this focus of our business rapidly while doing so in an extremely profitable manner.”