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Icanic Brands Co. Inc. (CSE:ICAN, OTC:ICNAF), the company behind Tarantula, wants to buy THC Engineering LLC for $1.75 million.
THC Engineering is a company that works on creating automation technology to support the cannabis manufacturing sector.
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Icanic's letter of intent allows THC Engineering to earn extra purchaser shares via milestone earnouts. The first milestone achievement grants it $500,000 of purchaser shares, the second $1.75 million.
Once both milestones are achieved, THC Engineering can earn $500,000 of purchaser shares.
The Purchaser Shares will be locked up until Dec. 31, 2021, after which the company will obtain them in 4 equal parts.
Icanic Brands said it has been exploring various production technologies for the last two years, and that is pretty sure that THC Engineering is “in a class of its own in terms of its precision filling, manufacturing rate and ability to significantly immediately impact cost of goods.”
"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," stated 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.”
THC Engineering CEO Kenji Sytz added they are pleased to become part of Icanic family.
“Since the start of our relationship, Icanic has shown us their commitment to producing the highest quality products while being conscious of manufacturing costs," Sytz said. "$1.A couple of years ago, THC Engineering set out to revolutionize the way cannabis products are made by bringing advanced automation to the cannabis world. Icanic shares this vision and we look forward to our future with them.”
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.