Ikänik Appoints Interim CEO As Brian Baca Resigns, Provides Operational Update

Ikänik Appoints Interim CEO As Brian Baca Resigns, Provides Operational Update

Ikänik Farms, Inc. IKNK DFMA has announced that Brian Baca has tendered his resignation as CEO and director of the company effectively immediately.

Borja Sanz De Madrid has been appointed interim CEO. In addition, J.J. Thomas has also resigned as a director of the company.

Sanz de Madrid is president of Pideka SAS, a wholly owned subsidiary of Ikänik Farms and Ikänik Farms International and has led the company's operations in Latin America and recent funding activities.

Strategic Focus

In the meantime, the company is transitioning operations away from its assets in California to the production and sale of bulk pharmaceutical grade THC cannabis flower from its indoor cultivation facility "Pideka" in Bogotá, Colombia.

Pideka is the only indoor licensed producer with pharmaceutical grade psychoactive cannabis flower production in Colombia servicing the burgeoning Europe and Latin America pharmaceutical supply chain where Pideka has a first mover advantage.

The facility's triple stacked growth room has an estimated annual production capacity of approximately 8,800 kilograms of THC cannabis flower and has been permitted to cultivate a total of 135,000 plants and derivatives for commercial exportation to the European Union for medicinal purposes and eligible for use in magistral formula nationally and internationally amongst participating LATAM countries.

Ikänik Farms has also significantly downsized its operations in California and is reviewing further downsizing to satisfy loan obligations and reduce debt.

"The changes that we are making today are an important first step to refocus the Company's priorities resulting in a financially stronger business aiming to be a leading pharmaceutical supplier for psychoactive cannabis flower" said Sanz de Madrid, said.

THCA Transaction Update

The company issued 40,888 multiple voting shares concluding its purchase of THCA Inc., dated March 11, 2019.

This issuance of these shares does not change the Company's issued and outstanding shares as presented in its recent financial statements.  

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